An icon in the shape of a lightning bolt. Impact Link A Polymarket trader who bet tens of millions on Donald Trump's presidential win appears to have raked in a much larger profit than previously known. A new estimate now places that figure at more than $ ...

Key Takeaways Shayne Coplan, the CEO of Polymarket, a blockchain-powered prediction market, said the outcome of Tuesday's election was a "vindication" of the platform's predictive power.Nearly $3.7 billion worth of contracts tied to the outcome of the presidential election were traded on Polymarket this year.

France’s gambling regulator is examining the operations of cryptocurrency-based prediction markets platform Polymarket to see if it complies with its rules following a surge in user demand around the US presidential election.

The vast majority of Polymarket users have lost money on the prediction market platform, fueling profits for a small sliver of whales.

Polymarket, which received a $45 million investment led by tech billionaire Peter Theil in May, enables high-stakes bets on major events using cryptocurrency. The platform claims

The massive gains represent a big swing in profits for the Polymarket bettor, who was sitting on an unrealized loss of $3 million on Monday.

French regulators are eyeing a ban on the crypto betting website Polymarket after an anonymous trader made almost $50 million betting that Donald Trump would win the presidential election.