Mystery trader profits $9 million from Spain’s World Cup draw
- A trader redeemed approximately $4.7 million on the Spain market and $8.5 million on the spread.
- Total profit for the day reached roughly $9 million following a match that ended in a draw.
- Another trader, known as ‘betoor619’, lost nearly $1 million betting on a Spain win at a probability of about 92%.
- The market for the overall tournament winner has attracted about $2.4 billion in trades, marking it as Polymarket’s largest event since last year’s U.S. election.
- Around $64 million was traded specifically on the Spain match alone.
Polymarket operates as a prediction market where users can trade shares based on real-world outcomes, settling in USDC, a dollar-pegged stablecoin. The platform allows traders to remain anonymous, which has drawn criticism from lawmakers due to lack of regulatory oversight compared to traditional sportsbooks.
In total, about $64 million was wagered on the recent Spain match, while ‘betoor619’ faced significant losses despite high odds against them. This highlights the volatility and risk involved in such trading environments.(Source)
