Man placed $30M bet on Trump, won $48M in profit
What's the story
A French bettor, who goes by the name Theo, has made a jaw-dropping $48 million in profits from Donald Trump's election victory. The anonymous bettor placed a $30 million bet on the crypto-based betting platform Polymarket, predicting Trump's win. Theo managed his bets through four different accounts on the platform, each betting on different aspects of the election outcome.
Betting details
Theo's betting strategy and Polymarket's election wager volume
Theo's bets weren't just on Trump winning the Electoral College and the popular vote, but also on Republican candidates in swing states. Overall, Polymarket gamblers wagered over $3.7 billion on the US presidential election. After Trump's win over Vice President Kamala Harris, Theo's massive earnings pushed him to the top of Polymarket's all-time winnings board.
Profit distribution
Breakdown of Theo's profits and his betting motivation
The Theo4 Polymarket account alone made some $22 million in profits. His other three accounts—Fredi9999, PrincessCaro, and Michie—together made another $26 million. When asked by media outlets why he placed such large bets on Trump, Theo explained that his actions were purely financially driven. "My intent is just making money," he said in an interview with The Wall Street Journal on Zoom last week.
Risky venture
Risk pays off despite pre-election losses
Despite clinging on to nearly $3 million in unrealized losses a day before the election, Theo's gamble paid off big time. This was as polls continued to predict a close contest between the candidates. Along with other emerging election betting platforms such as Kalshi, Polymarket is now establishing itself as a more accurate predictor of election outcomes. The morning before Election Day, Polymarket had given Trump a 58.6% chance of winning the presidency while Harris's odds stood at 41.4%.