Polymarket Trader Lost $3.6M Betting on Tyson After $11M Trump Win
A Polymarket trader who earned about $11 million wagering on Donald Trump's return to the White House lost nearly a third of that cash after supporting a comeback that did not happen at Texas's AT&T Arena on Friday night.
YouTube sensation turned boxer Jake Paul’s disappointing win over a noticeably out-of-practice “Iron” Mike Tyson in Friday’s excessively promoted Netflix event, dealt a serious setback for the gambler who had $3.6 million staked on the fight.
Prior to the match, “zxgngl” acquired more than 11 million shares at an average cost of 33¢, indicating one-third chances. Although they lost the wager, they still hold the position of the fourth-highest earner on Polymarket due to Trump's victory, as indicated by the platform's leaderboard.
Disputed Match
The bout was contentious from the start, as numerous people doubted the morality of permitting a 58-year-old to face an opponent 30 years younger, even if that 58-year-old was among the finest heavyweights ever.
Tyson's final professional match occurred in 2005 versus Kevin McBride, where he retired in the seventh round and later stated he had lost his love for the sport.
Initially set for July, the Paul fight was postponed to Friday night after Tyson experienced an ulcer flare-up during a flight from Miami to Los Angeles in May, raising worries about his health.
Texas state agencies consented to approve the match only under the condition that Paul used 14-ounce gloves instead of the standard 10-ounce ones, and the bout was restricted to eight rounds, each with a duration of two minutes.
At the same time, nine state gaming regulators forbade their licensed sportsbooks from accepting bets on the fight due to its unconventional rules and the inability to ensure it wouldn’t be predetermined. Colorado, Connecticut, Kentucky, Louisiana, Maryland, Mississippi, New York, Pennsylvania, and Vermont did not allow wagers on the event.
Dismiss the Scriptwriter
It was unhelpful when a (forged) document claiming to be a leaked script outlining a round-by-round analysis of the fight started spreading on social media in the days before the event.
However, if the match had been scripted (it wasn't), then the scriptwriter should be let go, as it turned out to be a mostly dull event that was jeered by the audience in the later rounds for its insufficient action.
Even though he was a strong favorite at 63.5% on Polymarket before the fight, more bets were placed on Tyson, indicating that fans were eager to watch the former undisputed heavyweight champion show Paul a thing or two.
In total, over $63 million was bet on Polymarket on both contenders.
