87.3% Of Crypto Bettors On Polymarket Win Nothing!

Recently, crypto bettors on Polymarket have made their voices heard. Attracted by major global events, they bet their bitcoins and other altcoins hoping for quick gains. However, the reality is quite different for the majority. Out of the 171,113 crypto wallets registered on this platform, only 12.7% have made a profit, and often for less than $100. Polymarket seems to be a risky bet for most users.

Polymarket and its increasingly less beneficial bets

The Polymarket platform allows users to bet on global events using cryptocurrencies like Bitcoin (BTC price). According to Layerhub data, 87.3% of users make no profit.

Among those who succeed, only 2,138 wallets have generated gains exceeding $1,000. This means that for most winners, profits are modest, generally below $100.

• 87.3% of the wallets make no profit;
• Less than 2,200 users earn over $1,000;
• 7,400 wallets generate gains between $100 and $1,000.

The numbers show that Polymarket is a slippery slope for bettors. As Elon Musk pointed out in a recent tweet, the platform could predict the 2024 US presidential elections better than traditional polls, but this does not prevent the majority of users from losing their stake.

The crypto betting market remains active

Despite the losses suffered by the majority, the crypto betting market on Polymarket remains dynamic. In October, the platform recorded over 300,000 daily transactions because of global news, notably geopolitical conflicts and the US presidential election.

Indeed, nearly 58,000 wallets have made between one and five transactions, showing that many users are cautiously trying their luck. However, only 25,000 wallets have exceeded 50 bets, a clear indicator of the intensity of engagement.

The open futures contract volume on Polymarket reached $161.1 million at the beginning of October. Despite significant losses, interest in crypto betting seems unwavering.

Another point to note: Polymarket, which recently raised $50 million, is preparing to launch a new cryptocurrency, which could once again disrupt the crypto betting market.