With the grand opening ceremony setting the stage, the 2024 Paris Olympics have officially begun, and the betting world is buzzing with excitement. Polymarket, a decentralized crypto-powered platform, has seen a surge in activity, with millions of dollars already placed on various Olympic outcomes. The platform has even added an “Olympics” category to accommodate the influx of bets.
A whopping $1.2 million has been wagered on which country will win the most medals, showcasing the global enthusiasm for the event. Not far behind, $1.1 million has been placed on predictions for the country that will secure the most gold medals, with the United States leading as the favorite. An impressive $168,711 has been bet on the U.S. taking home the most golds.
Bets aren’t limited to overall medal counts. Individual sports have attracted significant attention as well. For example, the gold medal winners in men’s and women’s basketball have seen bets of $355,000 and $101,000 respectively. Soccer and various swimming events are also popular among bettors.
Interestingly, while most wagers focus on countries and sports, a few individual athletes have caught the eye of gamblers. American swimmer Katie Ledecky and Spanish tennis player Rafael Nadal are among the few athletes featured on Polymarket, with bets placed on the number of gold medals they will win.
Polymarket’s popularity has skyrocketed recently, allowing people from around the world to bet on a wide array of events, from politics and sports to high-profile statements made on television. The platform operates on the Ethereum and Polygon blockchains, ensuring secure and transparent transactions. This month, trading volume has surged, driven by bets on the upcoming U.S. presidential election. The November election has become such a hot topic that one of the bets has even found its way into the Olympics category.
One particularly quirky bet, dubbed the “Staircase Olympics,” asks which of the U.S. presidential candidates, Joe Biden or Donald Trump, will ascend a staircase to board a plane faster in their next recorded video after July 25. As of today, $5,500 has been placed on this unusual wager, adding a touch of the bizarre to the Olympic betting frenzy.
Polymarket’s rise in popularity is a testament to the growing intersection of cryptocurrency and mainstream events. The platform’s ability to attract such substantial bets for the Olympics highlights the global interest in both the Games and the burgeoning world of crypto betting. As the Paris Olympics continue, it will be fascinating to see how the betting landscape evolves and which predictions come true.
The Olympics have always been a stage for athletic prowess and national pride. Now, with platforms like Polymarket, they have also become a hotbed for crypto enthusiasts looking to make their mark. Whether betting on medal counts, individual athletes, or even presidential candidates’ boarding speed, the excitement is palpable, and the stakes are higher than ever.
