Polymarket Users Bet $1.1B on Super Bowl Amid Scrutiny

Polymarket processed a staggering $1.1 billion in Super Bowl bets this year, reinforcing its reputation as a leading blockchain-based betting platform. The Philadelphia Eagles’ decisive 40-22 victory over the Kansas City Chiefs brought massive payouts for some bettors, while others took heavy losses.

As Polymarket is getting popular in the crypto market, it has drawn increased scrutiny from regulators. Several countries have banned it outright, and the U.S. Commodity Futures Trading Commission (CFTC) is seeking access to user data. 

Critics argue it operates like a gambling site, but crypto attorney Aaron Brogan disputes that comparison. He points out that unlike traditional sportsbooks, which make money from player losses, Polymarket generates revenue through transaction fees.

Among the biggest winners was a bettor known as ‘abeautifulmind,’ who walked away with $550,000, pushing their total sports betting earnings beyond $1 million. On the other hand, ‘hubertdakid’ suffered a massive $718,633 loss, bringing their total platform losses to $638,177.

The Super Bowl betting frenzy wasn’t limited to the final score. Polymarket users also placed wagers on side bets, such as how many times Taylor Swift would be shown on the broadcast and the duration of the national anthem.

Sports-related betting on Polymarket has now surpassed $6 billion, even surpassing the $5.2 billion wagered on U.S. elections. Despite regulatory roadblocks, the platform continues to attract users looking for decentralized betting opportunities. As the demand for alternative betting markets grows, Polymarket’s influence in the industry shows no signs of slowing down.