30s Summary

Polymarket, a crypto betting platform, has only yielded profits for 12.7% of its users, according to analytics tool Layerhub. The vast majority of the 171,113 crypto wallets on the platform have not made any profits, with only 2,138 making over $1,000. Despite unimpressive profits and the fact that most users make few bets, interest in the platform does not appear to be waning as Polymarket has processed 10.8 million bets, with $161.1 million worth of bets still open. Elon Musk praised the platform’s ability to predict the result of future events.

Full Article

Polymarket, a platform where folks can use their crypto to bet on real-life events, has really only worked out for about 12.7% of users, if we’re looking at data.

An analytics tool, Layerhub, showed that out of 171,113 crypto wallets on Polymarket, 149,383 — that’s 87.3% if you’re doing the math — didn’t make any profit. Just 21,730 wallets were able to make a profit, so not the best odds.

Still, out of those who did make a profit, only 2,138 folks brought in over $1,000. Most saw profits of less than $100, and about 7,400 made between $100 and $1,000.

Polymarket has processed a whopping 10.8 million bets. In early October, it handled more than 300,000 daily trades, likely because of current world affairs like international conflicts and the upcoming U.S. presidential election.

One thing to remember, though, is that not every crypto wallet means a different user. Some high-risk betters will use multiple wallets, trying to raise their chances of making a profit.

We’ve seen nearly 25,000 wallets make over 50 trades and around 32,000 wallets make between 20 and 50 trades. On the other side, almost 58,000 wallets only made one to five trades, showing that most people aren’t betting all that often.

Despite the stats, interest in crypto betting doesn’t seem to be fading. As of October 9, the total number of open bets on Polymarket was worth $161.1 million.

A fun fact: Tesla CEO Elon Musk mentioned Polymarket on October 6. He said the platform’s predictions for the 2024 U.S. presidential election might be more accurate than traditional polls. Musk made this comment when former President Donald Trump was leading Vice President Kamala Harris by about three percent.

Source: Cointelegraph