The currency market is quiet, but the ball version is hot! Polymarket bettors bet $1.1 billion on Super Cup matches

Polymarket grows again due to Super Cup events

In the latest Super Bowl event, the decentralized prediction market Polymarket saw a betting volume of $1.1 billion. The game ended with the Philadelphia Eagles defeating the Kansas City Chiefs 40-22.

Since the US election, Polymarket has continued to grow and become the preferred platform for betting in the field of memory blockchain. However, due to the rise of Polymarket, regulatory agencies have also begun to strengthen their scrutiny. Some countries have explicitly banned Polymarket, while the US Commodity Futures Trading Commission (CFTC) hopes to obtain user data from the platform to further regulate the market. According to CoinDesk, cryptocurrency lawyer Aaron Brogan believes that it is inaccurate to view prediction markets such as Polymarket as a Web3 version of gambling, as gambling typically relies on the odds set by the banker, while prediction markets are traded and price determined by users themselves.

And traditional gambling companies profit from player losses, while Polymarket mainly profits through transaction fees, which is more similar to the operation of exchanges.

Traders gamble heavily on sports events

According to on chain data from Polymarket Analytics, trader 'abeautifulmind' won over $550000 in profit in this competition. Statistics show that this trader's total profit exceeded $1 million, with the majority coming from sports betting.

On the other hand, another trader named 'hubertdakid' lost $718633 by betting on the Hawks losing, resulting in a total loss of $638177 for the trader on Polymarket.

In addition to match results, other betting contracts related to the Super Cup also include:

The number of times Taylor Swift appeared in the broadcast and the duration of the national anthem performance

According to Polymarket Analytics data, the total trading volume of sports related contracts has exceeded $6 billion, even surpassing the $5.2 billion trading volume of the US election market, indicating the popularity of sports betting in the prediction market.