- New data shows that 87.3% of wallets on Polymarket failed to make a profit.
- Out of 171,113 wallets, only 12.7% made a profit, with most earnings under $100.
- Despite the low profitability, Polymarket continues to attract heavy trading interest amid global events.
Polymarket, a decentralized platform where users place bets on world events, has shown that just a small fraction of its users have profited from the service. According to data from Layerhub, only 12.7% of the 171,113 wallets connected to Polymarket have recorded profits. This leaves 87.3% of wallets in the red.
Majority of Polymarket Users See Losses
Of the 21,730 wallets that did report profits, most made less than $100, with only 2,138 wallets earning over $1,000. The data suggests that for many, Polymarket has been a high-risk venture, with limited rewards. While nearly 58,000 wallets made fewer than five trades, almost 25,000 wallets engaged in over 50 trades, showing the varied level of participation among users.
The platform’s popularity remains steady, driven by current global events such as geopolitical conflicts and the upcoming U.S. presidential election. Between October 6 and 8 alone, Polymarket saw over 300,000 daily trades, highlighting the ongoing interest in prediction markets.
Growing Interest Despite Losses
As of October 9, open interest on Polymarket—representing the total number of futures contracts still active—stood at $161.1 million. Despite the low profitability for most traders, interest in placing bets on events like the U.S. election continues to rise.
Tesla CEO Elon Musk even commented that Polymarket might offer more accurate predictions for the 2024 U.S. presidential election than traditional polling. This statement came after Polymarket’s data showed former President Donald Trump leading Vice President Kamala Harris by around three percentage points.
