Only 12.7% of users on Polymarket, a platform for predicting world events with cryptocurrency, have reported making a profit, with most earning less than $100, according to recent data.
Polymarket allows users to bet on various global events, but new analytics from Layerhub show that out of 171,113 crypto wallets on the platform, 149,383 (or 87.3%) did not make any profit. Only 21,730 wallets, or 12.7%, showed confirmed earnings.
Among the wallets that reported profits, only 2,138 users made more than $1,000, while the majority earned less than $100. About 7,400 wallets made profits ranging from $100 to $1,000.
High Costs for Most Traders
Polymarket has seen about 10.8 million betting trades. From October 6 to 8, it recorded over 300,000 trades each day, driven by current global events like ongoing conflicts and the upcoming U.S. presidential election.
It’s important to remember that not every crypto wallet belongs to a separate user. Many traders use multiple wallets to place high-risk bets to boost their chances of winning.
Almost 25,000 wallets have made over 50 trades, while around 32,000 wallets have completed between 20 and 50 trades on Polymarket. In contrast, nearly 58,000 wallets have participated in just one to five trades, showing that most users place fewer bets.
Continued Interest in Crypto Betting
As of October 9, the total open interest on Polymarket, which reflects the number of futures contracts held by users at the end of the trading day, stood at $161.1 million.
Summary Review:Polymarket’s data reveals that a small fraction of users, just 12.7%, have successfully turned a profit while using the platform for betting on global events. Despite the high volume of trades and the growing interest in crypto betting, most participants are seeing limited financial success, with the majority earning less than $100. This trend highlights the risks involved in crypto trading and the challenges users face in making profitable bets in an unpredictable market. Nevertheless, interest in Polymarket remains strong, as evidenced by significant open interest and ongoing trading activity
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
