Major bettors on the political gambling platform Polymarket are poised to reap substantial profits amid Donald Trump’s victory in the 2024 presidential election.
The so-called “whales” behind these bets have made headlines for their massive wagers, which have now paid off handsomely.
One of the standout accounts, Theo4, has reported an impressive profit of $20.4 million, blockchain analytics service Lookonchain said in a post on X.
As one of the largest bettors on Trump’s success, Theo4 has cumulatively bet more than $40 million on the former president, data from Polymarket shows.
More Polymarket Whales Rake in Huge Rewards
Another major player, Fredi9999, has netted $15.6 million from their bets.
This account was part of a group of four that collectively wagered over $28 million on Trump’s victory.
Rounding out the top three, zxgngl has made a profit of $11 million by betting around $30 million on Trump’s success.
Polymarket has emerged as a significant player in the realm of political betting, with over $3.5 billion wagered on the outcome of the election.
The majority of these bets favored Trump, indicating a strong sentiment among bettors regarding 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 is down almost $5 million for voting on Harris’ win.
After a series of victories in key swing states, Trump is set to return to the White House following a high-stakes election seen as a test of American democracy.
Trump secured North Carolina early, followed by wins in Georgia and Pennsylvania, and held strong positions in Arizona and Nevada.
Bloomberg to Integrate Polymarket Election Odds into Terminal
In August, leading financial data and news service provider Bloomberg LP revealed that it aims to incorporate election odds data from the crypto betting platform Polymarket into its widely used Terminal.
Polymarket, a blockchain-based prediction market operating on the Polygon network, has become a prominent platform for tracking real-time election odds.
The platform allows users to bet on a wide range of event outcomes, leveraging transparent on-chain data and smart contracts for trade execution and payouts.
According to Dune Analytics, Polymarket’s trading volume for August approached $450 million, with nearly $760 million bet on the outcome of the U.S. presidential election as of late August.
Earlier this year, five United States Senators and three House representatives called for a ban on betting activities linked to the upcoming 2024 presidential election.
The bipartisan group consists of prominent figures such as Senators Jeff Merkley, Richard Blumenthal, Elizabeth Warren, and Representatives Jamie Raskin and John Sarbanes, among others.
The group expressed concerns over the possibility of billionaires leveraging large wagers to sway election outcomes, thereby eroding public trust in the democratic process.
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