Major players on the Polymarket political betting platform are poised to make substantial profits in the wake of Donald Trump ‘s victory in the 2024 presidential election. The so-called “whales” behind these bets have made headlines for their huge bets, which have now yielded impressive profits.
One of the prominent accounts, Theo4, reported an impressive profit of $20.4 million, reported blockchain analytics service Lookonchain in a post on X. As one of the biggest players betting on Trump’s success, Theo4 collectively bet more than $40 million on the former president, data from Polymarket shows.
Another major player, Fredi9999, earned $15.6 million on his bets. That account was part of a group of four that collectively bet more than $28 million on Trump’s victory. The top three is rounded out by zxgngl, who earned $11 million by betting about $30 million on Trump’s success.
Polymarket has become a major player in political betting, with more than $3.5 billion wagered on the outcome of the election. Most of these bets favored Trump, indicating a strong attitude among bettors about his chances of winning.
The platform’s unique structure allows users to place bets using cryptocurrency.
It is worth noting that there have also been whales losing millions by betting on Kamala Harris or against Trump. One such whale is Leier, who lost nearly $5 million by voting for a Harris victory.
After a string of victories in key swing states, Trump is expected to return to the White House after a high-stakes election seen as a test of American democracy. Trump quickly secured victory in North Carolina, followed by wins in Georgia and Pennsylvania, and held strong in Arizona and Nevada.
Bloomberg will integrate Polymarket’s election rates into Terminal
In August, leading financial data and information services provider Bloomberg LP revealed that it intends to integrate election bourse data from cryptocurrency betting platform Polymarket into its widely used Terminal.
Polymarket, a blockchain-based predictive marketplace operating on the Polygon network, has become the leading platform for tracking real-time election odds. The platform allows users to bet on a wide range of event outcomes, using transparent blockchain data and smart contracts to execute trades and payouts.
According to Dune Analytics, Polymarket’s trading volume in August approached $450 million, with nearly $760 million bet on the outcome of the U.S. presidential election in late August.
Earlier this year, five US senators and three representatives of the House of Representatives called for a ban on bookmaking activities related to the upcoming 2024 presidential election.
The bipartisan group includes prominent figures such as Senators Jeff Merkley, Richard Blumenthal, Elizabeth Warren and Representatives Jamie Raskin and John Sarbanes.
The group has raised concerns about the possibility of billionaires using big bets to influence election results, which could undermine public confidence in the democratic process.
