French Gambler Wins $50M on Polymarket With Trump’s Victory!

A French political gambler named Théo has become an internet sensation overnight  After winning an incredible 48 million by betting on Donald Trump’s win in the US presidential elections through the crypto betting platform Polymarket.

Théo: The French Gambler

Often called a ‘whale’ due to the large amount of money he controls,  Théo placed his bets using four anonymous accounts focusing on Trump winning both the Electoral College and the popular vote. He also placed his bets on the success of Republican candidates in critical swing states that finally determined Trump’s victory. 

The four accounts named Théo4, Fredi9999, PrincessCaro, and Michie, played a major role in bagging Théo his success.  The account named Théo4 racked up approximately $22 million in profits alone, while the other three accounts together added around $26 million to that total. 

1/ It’s been widely reported that one whale, allegedly a French man named Theo, controlled 4 @Polymarket accounts and had significant positions betting on a Trump win. We estimate he profited ~$78.7M. pic.twitter.com/laW9Y4zNXj

— Chainalysis (@chainalysis) November 6, 2024

Chainalysis predicts Théo’s combined profit stood over $78.7 Million. The impressive achievement pushed Théo to the top of Polymarket’s all-time leaderboard, breaking records on the site.

As news of his success spread all over the media, Théo made it clear to The WSJ that his main goal was simply to make money. He claimed, “ My intent is just making money, I have absolutely no political agenda”.

Polymarket, The Real Victor

The Polymarket platform saw a whopping $3.7 billion in bets placed on the presidential election, which highlights the rising interest in protection markets. 

Lawyer Aaron Brogan also attested his support for prediction markets.  Teal was looking at $3 million in unrealized losses as polls started suggesting a tight competition between Trump and Vice President Kamala Harris; however, Théo ultimately reaped the rewards when Trump won, making him one of the top traders in the history of Polymarket. 

Last night, Polymarket proved the wisdom of markets over the polls, the media, and the pundits.

Polymarket consistently and accurately forecasted outcomes well ahead of all three, demonstrating the power of high volume, deeply liquid prediction markets like those pioneered by…

— Polymarket (@Polymarket) November 6, 2024

After Donald Trump’s win, the company took to X and highlighted that their high-volume liquid prediction markets have consistently proven to be more accurate forecasts than mainstream predictions, reinforcing the major hit the 4-year-old company has become. 

The prediction markets are one of the highly favorable niches within online betting platforms.  Many believe that betting markets respond more quickly to ships in public sentiment and provide real-time updates, potentially providing a more accurate representation of what the public is thinking. 

While Polymarket is still inaccessible for use in the United States, Kalshi, another betting platform based in the United States, has recently received approval to offer election contracts to accommodate the popularity and attractiveness of prediction markets.

Also Read: Top Crypto Lawyer: Mark Uyeda Could Be the Next SEC Chair, Pierce Has Low Chance