Polymarket Bettors Wager $1.1 Billion on Superbowl Outcome Amid Regulatory Challenges
Bettors on Polymarket placed a staggering $1.1 billion in wagers regarding the recent Superbowl, highlighting the platform's growing popularity despite regulatory scrutiny.
Key Points:
- Bettors have placed $1.1 billion in volume for bets on Polymarket related to the Superbowl outcome.
- The volume of sports betting on Polymarket has exceeded that of U.S. election betting.
Polymarket bettors have wagered $1.1 billion on the Superbowl, where the Philadelphia Eagles defeated the Kansas City Chiefs 40-22, despite ongoing regulatory scrutiny.
Polymarket has become a primary platform for on-chain betting, drawing attention from regulators. Some regions have banned the service entirely, while the CFTC (U.S. Commodity Futures Trading Commission) seeks access to customer data.
According to Aaron Brogan, a crypto attorney, depicting prediction markets like Polymarket as mere gambling misrepresents their operational model. He states that unlike traditional betting sites, they primarily earn through transaction fees.
Despite regulatory obstacles, Polymarket continues to thrive, allowing bettors to win or lose substantial amounts.
Additional Contracts: Related Superbowl contracts included bets on Taylor Swift’s appearance during the broadcast and the duration of the national anthem performance. Lifetime trading volume from sports bets has surpassed $6 billion, outperforming the $5.2 billion in U.S. election bets.
