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Polymarket bettors wagered a staggering $1.1 billion on the outcome of the Superbowl, marking a significant milestone for the betting platform as it outpaces the volume of bets placed on U.S. election outcomes, CoinDesk reported.
The Philadelphia Eagles’ victory over the Kansas City Chiefs with a score of 40-22 was the focal point of this betting surge.
Polymarket has emerged as a prominent platform for on-chain sports betting, drawing the attention of regulators worldwide. Some nations have banned the use of Polymarket, and the U.S. Commodity Futures Trading Commission (CFTC) has expressed interest in accessing customer data from the platform.
Crypto attorney Aaron Brogan has weighed in on the regulatory scrutiny, challenging the notion that prediction markets like Polymarket are tantamount to gambling. Brogan points out that these markets profit from transaction fees rather than user losses, differentiating them from traditional betting platforms.
Despite facing regulatory challenges, Polymarket continues to thrive, with bettors experiencing both significant gains and losses. Notably, a user with the handle ’abeautifulmind’ earned over $550,000 in profits from bets placed on the Eagles, bringing their total earnings to just over $1 million, predominantly from sports wagers.
Conversely, another bettor, ’hubertdakid’, suffered a loss of $718,633 after betting against the Eagles, contributing to their overall Polymarket loss of $638,177.
The Superbowl betting frenzy on Polymarket extended beyond the game’s outcome, with contracts on the number of times Taylor Swift would appear during the broadcast and the duration of the national anthem performance.
The lifetime volume of sports-related contracts on Polymarket has now exceeded $6 billion, surpassing the $5.2 billion recorded for U.S. election markets, as reported by Polymarket Analytics.
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