Bettors who wagered on President-elect Donald Trump in the 2024 U.S. presidential election are cashing in big on Polymarket, a cryptocurrency-based predictions platform. The site saw a record $3.2 billion in wagers on the presidential outcome, with the majority favoring Trump over Vice President Kamala Harris.
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Polymarket, which enables users to place high-stakes cryptocurrency bets on major events, reported that $1.3 billion was wagered on Trump, compared to $827 million on Harris.
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Total online election betting worldwide topped $3.6 billion, as high-risk players known as “whales” racked up significant wins on Trump-related wagers.
One major bettor, the account “Fredi9999,” linked to a French high-stakes player, won nearly $50 million across multiple Trump-related bets. Another bettor with the handle “zxgngl” scored $11.4 million while a third user, “walletmobile,” saw a $6.1 million payday.
The platform has been gaining attention for allowing users to invest stablecoins, digital assets pegged to the U.S. dollar, in events ranging from elections to movie box office results.
In May, Polymarket’s founder Shayne Coplan announced a $45 billion funding round led by Peter Thiel’s Founders Fund, with Thiel — an early Trump supporter — bolstering the platform’s growth.
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The significant interest and winnings on Trump bets underscore the rising popularity of cryptocurrency-based prediction markets, where savvy bettors can profit not just on their predictions but also from fluctuating odds.
Polymarket continues to promote itself as the world’s largest prediction market, attracting global interest as political, financial, and entertainment bets rise in value.
[Craig Nigrelli]
SOME WERE ABLE TO WIN BIG MONEY BY BETTING ON THE 2024 ELECTION RESULTS. BILLIONS OF DOLLARS WERE BET ON THE OUTCOME OF THE PRESIDENTIAL RACE, WITH MOST FAVORING TRUMP.
BETTORS ON POLYMARKET, A CRYPTOCURRENCY-BASED PREDICTION PLATFORM, RISKED OVER A BILLION DOLLARS SPECIFICALLY ON TRUMP, AND MORE THAN 800 MILLION ON VICE PRESIDENT HARRIS. AND GLOBALLY, THAT ELECTION BETTING POOL SOARED PAST 3-POINT-6 BILLION DOLLARS ONLINE.
ONE HIGH-STAKES BETTOR, USING THE ACCOUNT NAME ‘FREDDY 9-9-9-9’ SCORED NEARLY 50 MILLION DOLLARS IN VARIOUS TRUMP BETS. ANOTHER USER WALKED AWAY WITH MORE THAN 11 MILLION.
POLYMARKET, CALLING ITSELF THE WORLD’S LARGEST PREDICTION MARKET, LETS USERS PLACE BETS ON EVERYTHING FROM ELECTIONS TO MOVIE BOX OFFICE NUMBERS. THE PLATFORM USES CRYPTOCURRENCY AND STABLECOINS, PEGGED TO THE U-S DOLLAR, TO LET PEOPLE PROFIT OFF THEIR PREDICTIONS.
POLYMARKET’S FOUNDER SAID EARLIER THIS YEAR THE COMPANY RAISED 45 BILLION DOLLARS IN FUNDING, LED BY PETER THIEL’S FOUNDERS FUND.
FOR MORE UNBIASED UPDATES AND STRAIGHT FACTS… DOWNLOAD THE STRAIGHT ARROW NEWS APP OR VISIT SAN DOT COM.
FOR STRAIGHT ARROW NEWS… I’M CRAIG NIGRELLI.
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