A French “whale” that bet millions of dollars on Trump's victory made a profit of about $85 million, more than $50 million more than previously reported, according to the report.
The anonymous gambler, known as Theo, was previously believed to be operating four separate accounts on Polymarket, the online betting platform that sold contracts for Donald Trump and Kamala Harris before the presidential election. Ta. Americans are not allowed to trade on Polymarket, but the platform is scheduled to return to the United States.
However, the trader created seven more accounts in October after news outlets began covering his outrageous bets, according to a Chainalysis investigation. The Wall Street Journal reported.
According to the newspaper, Mr. Teo bet more than $70 million that Mr. Trump would win the Electoral College and popular vote, and his 11 accounts all bear modest names such as PrincessCaro, Jenzigo, and RepTrump. It is said that
The mysterious French trader told the Journal that he had downplayed the size of the bet “for personal safety and to limit disruption to my private life if my identity were one day revealed.”
He said he was the only individual managing the account and raised the stakes himself.
“I'm the only one. I was wealthy enough and confident in my analysis,” Teo told Barron's.
He said he is a French national with extensive trade experience and previously lived in the United States. Polymarket previously supported these claims in a statement on its site.
Mr. Teo declined to identify himself to the Journal, but admitted he was the trader in question for placing small bets on the site.
The trader said he began placing large bets on Trump over the summer after looking at polling data and concluding that the Republican candidate was likely the winner. But polls show Trump and Harris in a close race.
On the other hand, the Polymarket website reported on the morning before Election Day that Mr. Trump had a 58.6% chance of winning the presidency, while Ms. Harris had a 41.4% chance. The site's bet was a more accurate prediction than the latest poll.
“At Polymarket, it looked like the deal was done. If you were just watching TV, you would think it was a close race,” said Shayne Coplan, founder and CEO of Polymarket. Ta.
The French trader said his bets were simply to make money and denied claims he was trying to influence the election outcome.
“I have nothing further to add,” Teo told the Journal in his final email on Monday. “To be honest, I'm a little fed up with everything. I want to get back to my normal routine.”
Polymarket election betting has been a huge hit this year, with gamblers betting more than $3.7 billion.
France's gambling regulator, the National Autonomous Agency, said it was investigating whether polymarkets were complying with the country's laws after the election sparked online gambling activity.
“We are aware of the existence of this site and are currently investigating its operation and compliance with French gambling law,” a spokesperson said. regulators told Bloomberg. The National Autonomous Region did not respond to requests for comment.
New gambling markets must receive prior approval from regulators.
Polymarket did not respond to requests for comment.
