A French bettor named Théo achieved an astonishing profit of over 80 million euros on the Polymarket platform by placing a massive 70 million dollar bet on Donald Trump in the 2024 presidential election market. This cryptocurrency-based betting site allows wagers on election outcomes using USD Coin. Théo’s strategic betting approach, which involved multiple coordinated accounts, resulted in an impressive total return of 85 million dollars, despite the platform’s ambiguous legality for U.S. residents.
Astonishing 85 Million Dollar Jackpot
In an extraordinary turn of events, a user of the Polymarket platform—a cryptocurrency-based betting site that launched in 2020—struck gold with a staggering profit of over 80 million euros from a series of bets on Donald Trump’s success in the upcoming American presidential election. This remarkable feat was reported by Chainalysis to AFP.
The Betting Landscape on Polymarket
The French bettor, known only as Théo, participated in a popular market on Polymarket titled ‘Presidential Election Winner 2024’. This market encouraged users to wager on who would emerge victorious in the American presidential race set for November 5. Participants bought shares for either Donald Trump or Kamala Harris, with share prices fluctuating according to each candidate’s perceived chances of winning. Unlike conventional betting websites, Polymarket operates using USD Coin, a stable cryptocurrency pegged to the dollar.
Théo reportedly placed a colossal bet totaling 70 million dollars. According to the Wall Street Journal, he chose to keep his last name under wraps, stating simply, “My goal is simply to make money.” Describing himself as a Frenchman with prior experience living in the U.S. and a background in banking, Théo leveraged his trading expertise to capitalize on this betting opportunity.
On October 24, Polymarket informed the New York Times about a French bettor, characterized by “substantial trading experience,” who had invested heavily in favor of the Republican candidate. Chainalysis identified 11 accounts with strikingly similar traits that were funded and utilized simultaneously, indicating a coordinated betting strategy. Théo’s calculated approach involved betting around 70 million dollars on Trump’s chances, ultimately yielding a total return of 85 million dollars. He later confirmed this astonishing profit to the Wall Street Journal.
Although Polymarket is based in New York, it operates under a theoretical ban for U.S. residents. Bettors may find themselves outside the jurisdiction, potentially using a VPN to bypass restrictions. The legality of electoral betting in the United States remains murky, with historical precedents of widespread betting on elections prior to the 1930s, when regulation and public sentiment led to its decline.