Polymarket Users Bet $1.1B on Super Bowl Amid Scrutiny

Polymarket processed a staggering $1.1 cardinal successful Super Bowl bets this year, reinforcing its estimation arsenic a starring blockchain-based betting platform. The Philadelphia Eagles’ decisive 40-22 triumph implicit the Kansas City Chiefs brought monolithic payouts for immoderate bettors portion others took dense losses.

As Polymarket is getting fashionable successful the crypto market, it has drawn accrued scrutiny from regulators. Several countries person banned it outright, and the U.S. Commodity Futures Trading Commission (CFTC) is seeking entree to idiosyncratic data. 

Critics reason it operates similar a gambling site, but crypto lawyer Aaron Brogan disputes that comparison. He points retired that dissimilar accepted sportsbooks, which marque wealth from subordinate losses, Polymarket generates gross done transaction fees.

Among the biggest winners was a bettor known arsenic ‘abeautifulmind,’ who walked distant with $550,000, pushing their full sports betting net beyond $1 million. On the different hand, ‘hubertdakid’ suffered a monolithic $718,633 loss, bringing their full level losses to $638,177.

The Super Bowl betting frenzy wasn’t constricted to the last score. Polymarket users besides placed wagers connected broadside bets, specified arsenic however galore times Taylor Swift would beryllium shown connected the broadcast and the duration of the nationalist anthem.

Sports-related betting connected Polymarket has present surpassed $6 billion, adjacent surpassing the $5.2 cardinal wagered connected U.S. elections. Despite regulatory roadblocks, the level continues to pull users looking for decentralized betting opportunities. As the request for alternate betting markets grows, Polymarket’s power successful the manufacture shows nary signs of slowing down.

Also Read: Robinhood Halts Super Bowl Bets After CFTC Request