A single gambler on prediction market platform Polymarket lost $4.2 million on World Cup bets in less than one day, highlighting the massive stakes involved in the soccer tournament, which is expected to become the largest sports gambling event in history.
Inc reports that the anonymous trader, operating under the pseudonym FlickRaw, suffered consecutive losses on Sunday and Monday after placing multi-million dollar bets on Netherlands and Belgium matches that ended in disappointing draws. The significant losses occurred within the trader’s first week on the platform, raising eyebrows across the sports betting community.
The betting saga began on Sunday when FlickRaw wagered $2.7 million on the Netherlands to defeat Japan in their World Cup match. Polymarket’s sports account publicized the substantial bet before kickoff, noting that a Netherlands victory would have returned approximately $5.83 million to the trader, including the original stake.
The match appeared promising for FlickRaw initially, as the Netherlands took the lead twice during the game. However, Japan managed to equalize in the 88th minute, securing a 2-2 draw. Because the bet specifically required a Netherlands victory rather than just avoiding a loss, the draw rendered FlickRaw’s entire $2.7 million position worthless.
Undeterred by the substantial loss, the trader returned to the platform on Monday with another seven-figure wager. FlickRaw placed $1.5 million on Belgium to beat Egypt, with a potential gross return of approximately $2.4 million if successful. Polymarket once again promoted the large bet before the match commenced.
The Monday gamble ended similarly to Sunday’s disappointment. Egypt managed to secure a 1-1 draw with Belgium, wiping out FlickRaw’s second consecutive position. The back-to-back losses brought the trader’s total deficit to roughly $4.2 million within a 24-hour period.
According to publicly available information, the FlickRaw account joined Polymarket only this month and had made just three predictions as of Monday evening. The rapid accumulation of losses in such a short timeframe and with so few trades makes this account particularly notable in the prediction market community.
Polymarket, a decentralized prediction market platform, allows users to bet on the outcomes of various events, from sports to politics to entertainment. The platform has gained significant attention for facilitating large-scale bets on major events, and the World Cup represents one of the biggest opportunities for both the platform and its users.
The World Cup is widely anticipated to become the largest sports gambling event in recorded history, with betting volumes expected to far surpass previous tournaments. The massive global audience, combined with the proliferation of legal sports betting in numerous jurisdictions and the growth of cryptocurrency-based platforms like Polymarket, has created an unprecedented environment for wagering on the tournament.
Read more at Inc.com here.
Lucas Nolan is a reporter for Breitbart News covering issues of AI, free speech, and online censorship.