I always keep a close eye on crypto betting platforms and Polymarket looks to be the new kid on the block but with a bit of a slant to it.
So what is it?
Polymarket is a decentralized prediction market platform where users can bet on the outcomes of various real-world events using cryptocurrency. Here's how it works:
Users can speculate on events ranging from political elections, sports outcomes, to cultural phenomena by buying shares that represent different possible outcomes. For example, if you predict a candidate will win an election, you might buy "Yes" shares for that event. If the event occurs as predicted, those shares resolve to $1 each, otherwise, they become worthless.
Sports Predictions
Polymarket blew up when the market predicted the Trump win pretty quickly after the election and it became haedline news and since then it has gone form strength to strength. The platform runs on the Polygon and the bit I like about it is that it runs on supply and demand. The people make the price. Kind of like Betfair. Naturally I am prone to checking out the Premiership games and I am finding the odds to be very good so I am dabbling here. If I put a bet on and the likelihood of winning increases even before the game then I can cash out and make a profit which I like. This platform is mostly American sports based so I am finding a little niche knowing alot about the Premier League and betting accordingly. It is clear at the moment that many people are just throwing on bets on these matches and just hoping for the best and this is where I think I can make some coin coin coin on.
Above is a match that was postponed the other day but you get the idea. I ended up selling me shares as the match was not played. The downside about prediction markets is the waiting time for results but with Polymarket I see people buying and selling their shares before the results are in. It's just another market which has massive potential. Why did someone on Hive not do this. We have the blockchain to do it I imagine. I see that Genesis League Sports are looking at something like this for sports predictions but these are the kind of platforms we should be trying to attract.
I feel music needs something like this where you make money by trading if a song will go global or not and hold shares in it. People love their music on Hive. Maybe this is something that could be done. I am not sure where rights come into this. It would be interesting but I presume nobody has rights to predict a song will do well or not. It has nothing to do with the actually artist.
Polymarket App
I have the app downloaded on IOS but it does not let me log in at the moment as it is in its infancy but I am sure they will work this out soon enough. It is the first crypto betting app that I am enjoying and I like it has a bit of a slant to it. The big boys are starting to notice Polymarket as well especially Nate Silver from Ethereum. The founder of Polymarket is Shayne Coplan who you will find easily enough on social media. Polymarket has faced a few hurdles in America but is operating fine in most countries around the globe.
Does it have its own token?
Not yet but there is speculation that a token would be used to validate event outcomes and used for other sort of airdrops so watch this space but for the moment you can just bet on it using Polygon or USDC.
If you like an old flutter and you have a bit of Vanga Papa or Nostredamus about you then Polymarket is for you. I threw in a few pound to bet on the football and I have to say that some of the results have been mad this last week so it is in no way a sign of bad odds. In fact I think there is money to be had here. I look forward to the weekends Premier League fixtures where I can have another go at predicting the results. Wish me luck.