Polymarket processed a staggering $1.1 billion in Tremendous Bowl bets this yr, reinforcing its fame as a number one blockchain-based betting platform. The Philadelphia Eagles’ decisive 40-22 victory over the Kansas Metropolis Chiefs introduced huge payouts for some bettors whereas others took heavy losses.
As Polymarket is getting well-liked within the crypto market, it has drawn elevated scrutiny from regulators. A number of international locations have banned it outright, and the U.S. Commodity Futures Buying and selling Fee (CFTC) is in search of entry to consumer information.
Critics argue it operates like a playing website, however crypto lawyer Aaron Brogan disputes that comparability. He factors out that in contrast to conventional sportsbooks, which earn a living from participant losses, Polymarket generates income by means of transaction charges.
Among the many greatest winners was a bettor referred to as ‘abeautifulmind,’ who walked away with $550,000, pushing their complete sports activities betting earnings past $1 million. Then again, ‘hubertdakid’ suffered an enormous $718,633 loss, bringing their complete platform losses to $638,177.
The Tremendous Bowl betting frenzy wasn’t restricted to the ultimate rating. Polymarket customers additionally positioned wagers on aspect bets, akin to what number of instances Taylor Swift can be proven on the printed and the length of the nationwide anthem.
Sports activities-related betting on Polymarket has now surpassed $6 billion, even surpassing the $5.2 billion wagered on U.S. elections. Regardless of regulatory roadblocks, the platform continues to draw customers in search of decentralized betting alternatives. Because the demand for various betting markets grows, Polymarket’s affect within the business reveals no indicators of slowing down.
Additionally Learn: Robinhood Halts Super Bowl Bets After CFTC Request
