Lately, crypto bettors on Polymarket are making themselves heard. Attracted by major world events, they stake their bitcoins and other altcoins with the hope of quick gains. However, the reality is very different for the majority. Of the 171,113 crypto wallets registered on this platform, only 12.7% made a profit, and often for less than $100. Polymarket seems like a risky bet for most users.
Polymarket and its less and less beneficial bets
The Polymarket platform allows users to bet on world events using cryptocurrencies like Bitcoin (BTC price). According to Layerhub data, 87.3% of users do not make a profitt.
Among those who succeed, only 2,138 portfolios generated gains greater than $1,000. Which means that for most winners, profits are modest, generally below $100.
- 87.3% of portfolios make no profit;
- Fewer than 2,200 users earn more than $1,000;
- 7,400 wallets generate earnings between $100 and $1,000.
The figures show that Polymarket is a slippery slope for punters. As Elon Musk pointed out in a recent tweet, the platform could predict the 2024 US presidential elections better than traditional pollsbut this does not prevent the majority of users from losing their stake.
Crypto betting market remains active
Despite the losses suffered by the majority, the crypto betting market on Polymarket remains vibrant. In October, the platform recorded more than 300,000 daily transactions due to world news, particularly thegeopolitical conflicts and the American presidential election.
In fact, almost 58,000 wallets made between one and five transactionswhich shows that many users are taking their chances with caution. Yet, only 25,000 wallets exceeded 50 betsa clear indicator of the intensity of engagement.
THE volume of open futures contracts on Polymarket reached $161.1 million in early October. Despite the significant losses, interest in crypto betting appears unwavering.
Another thing to remember: Polymarket, which recently raised $50 million, is preparing to launch a new cryptocurrency, which could well shake up the crypto betting market again.
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