Polymarket handles US$1.1 billion in Super Bowl wagers
Data from predictions platform Polymarket shows that over US$1.1 billion was placed on a contract related to the outcome of Super Bowl LIX, in which the Philadelphia Eagles came out on top.
Polymarket allows users to buy and sell contracts related to the outcome of sporting events, including the most recent Super Bowl.
Unlike a traditional sportsbook, on Polymarket wagers are placed against other users rather than the platform itself. The prediction market then makes money from transaction fees.
According to Coindesk, one Polymarket user gained US$550,000 from betting on the Eagles winning the big game on Sunday.
In addition, the total lifetime volume from sports-related contracts on Polymarket has now surpassed US$6 billion. This figure has also exceeded the total volume placed on contracts related to U.S. election markets, which is currently at US$5.2 billion, according to figures from Polymarket Analytics.
Prediction markets like Polymarket have become a subject of interest for regulators. Some countries have banned them entirely, while the U.S. Commodity Futures Trading Commission has them under close scrutiny.
The rapid growth of these platforms will likely bring upcoming regulatory challenges, especially as they continue to offer sports betting contracts.
Charlotte Capewell brings her passion for storytelling and expertise in writing, researching, and the gambling industry to every article she writes. Her specialties include the US gambling industry, regulator legislation, igaming, and more.
