A French trader, who is among the largest bettors on the 2024 presidential election outcome on the prediction market Polymarket, said he made the trades to make money not due to a political agenda.
What Happened: A prediction market for the 2024 presidential election has attracted over $2.39 billion in wagers on prediction market Polymarket, with a French trader among several large “whales” backing Donald Trump.
The large bets on Trump have prompted questions on the integrity of the prediction market and questions on the identities of the accounts with the biggest wagers.
A French trader who called himself Théo said he has bet more than $30 million on Trump winning the 2024 presidential election and there is no political motivation or attempts to manipulate the betting markets.
“My intent is just making money,” the trader told the Wall Street Journal.
The trader said he previously lived in the U.S. working as a trader for banks.
Large trades made by several Trump backers on the platform prompted an investigation by Polymarket, which revealed the $30 million bettor was of French nationality. The platform does not currently allow wagers from U.S. residents.
“Based on the investigation, we understand that this individual is taking a directional position based on personal views of the election,” Polymarket said.
Théo said he placed his bets based on election polls and a belief that Trump’s support is being underestimated. The trader spoke English with a slight accent during a Zoom call, according to the report.
“I know a lot of Americans who would vote for Trump without telling you that.”
The trader said he looked …
Full story available on Benzinga.com