Polymarket Trader Torches $2.36 Million in Eight Days on Sports Bets
One anonymous crypto whale just incinerated a fortune faster than a meme coin rug pull.
The High-Stakes Gamble
Over eight frantic days, a single Polymarket user placed—and lost—a staggering $2.36 million on sports predictions. The platform, a decentralized prediction market, lets users bet crypto on everything from election outcomes to the Super Bowl. This trader went all-in on the latter, and the house—or in this case, the wisdom of the crowd—won. Brutally.
Where Prediction Markets Meet Pure Volatility
It's a stark reminder that 'decentralized finance' can sometimes look a lot like the old-fashioned, heart-pounding kind. While proponents hail prediction markets as tools for hedging and gathering collective intelligence, episodes like this highlight their raw, speculative underbelly. You're not just betting against a sportsbook; you're wagering against the aggregated convictions of every other crypto-native gambler online.
The Aftermath: A Cynical Finance Lesson
So, a cool $2.36 million vanished into the digital ether. In traditional finance, that kind of loss might trigger a margin call, a frantic phone call from a broker, or at least a sternly worded memo from compliance. In crypto? It's just another transaction on the blockchain—efficient, transparent, and utterly merciless. A masterclass in 'number go down' economics, proving once again that in the new wild west of finance, the only thing more volatile than the assets is the risk appetite of those trading them.
Polymarket trader looks for solace in sports prediction markets
Bossoskil1’s put money on NFL, NBA, NHL, and NCAA football and settled bets on spread-based contracts.
Bossoskil1 bought contracts priced between 40 cents and 60 cents at times, which could mean their confidence in the positions was moderate at best. But even with that pricing, the bets exceeded $200,000 and in several cases surpassed $1 million.
One of the largest losing positions was an NFL bet on Sunday’s clash between the Green Bay Packers and the Chicago Bears. The trader purchased more than 2.5 million shares at 54 cents, and when the position settled at zero, the loss exceeded $1.36 million.
Another loss came from a Bills versus Jaguars spread, in which bossoskil1 backed the Jaguars with over 2.6 million shares at 54 cents, but the NFL team lost by 3 and took his losses to $1.41 million.
They also put money on the Eagles to beat the 49ers and the Chargers to beat the Patriots. The Eagles lost $304,000, and the Chargers lost $2,700, respectively.
Bossoskil1 wagered six figures on the NHL’s Chicago Blackhawks against the Edmonton Oilers resulting in an $8,500 loss, and on the Columbus Blue Jackets against the Vegas Golden Knights where they lost $2,600.
Some NHL odds made more than 100% returns, such as winning bets on the Devils, Kraken, and Blackhawks in different games. A college football spread bet on Miami made more than $500,000, and an NFL spread bet on the Rams made more than $730,000.
However, these wins were outpaced by larger losing positions, and by the end of the period, the trader’s account balance had realized losses totaling $2.36 million.
As of the time of this reporting, the account still has several positions active, including an NHL wager on the New York Islanders of about 520,000 shares at 49 cents, an exposure of about $255,000. The trader also held a position backing the Chicago Blackhawks against the Washington Capitals with more than 1.65 million shares amounting to $744,000.
The smartest crypto minds already read our newsletter. Want in? Join them.
