How much are you willing to gamble

[kotajikikox]

I have seen various topics discussed in here about their bankrolls or budget and whatnot when gambling. Well a French national just wagered $30 million to a bet about the US election. Now the online platform is being reviewed by France and is being checked if they follow laws accordingly. I am sure that amount shocked them especially after the gambler admitted that it was not even to sponsor Trump and that he did not have any political agenda with that bet. He did win and made profit but I was just so surprised with how can anyone bet this huge amount of money?

No matter how rich I get, I do not think I would be risking throwing away $30 million. I am also sure that the French authorities are making moves after this ridiculous amount of money betted to prevent encouraging their citizens from following in the gambler's footsteps. But I think instead of punishing the platform, the government should focus on how can they 'control' their citizens' gambling habits. Focusing on one platform will not eradicate people who would continue to bet this huge amount of money.

[Sanitough]

If I’m not mistaken, this is the total amount bet on Polymarket. And since it’s a decentralized prediction market, there’s no limit on how much you can wager. Well, if the authorities do investigate, it’s not because they’re worried about an increase in gambling in their country - it’s more to find out where these amounts are coming from and to make sure it’s not related to money laundering or any other illegal activities.

And Polymarket did say that there’s no evidence showing that he manipulated the market.

https://www.reuters.com/world/polymarket-says-mystery-trump-bettor-is-french-national-2024-10-24/

Polymarket said its investigation to date had not identified any information to suggest that this user manipulated, or attempted to manipulate, the market. The user has "agreed not to open further accounts without notice", Polymarket said.

[Z390]

People like putting their noses into someone's else business, why should I care if that's all he had and still risked it? Is it my money? Stupid people look down on themselves and look up to others, copycats everywhere, they forget that we are all different, the first thing a human must do is understand what you are, what works for you will put others in trouble if they try to copy you.
Back to gambling, even if this person risk all he has that's good for him, he is a human like me but he is not me, I don't have to do what he did, that's been stupid to the core, we gamblers should stop getting hit by someone's else decision in this space, either good or bad for them we should not compare.

[Davidvictorson]

I read this news and thought to myself this dude is one smart guy. To the best of my understanding, he created a poll for Americans to bet on who they thought their neighbors was going to vote for and not exactly who was going to win the election. But he didn't do this with any gambling site in particular but with a poll master I think.

Well lucky him. And if he had kept his mouth shut no one would know how much he won. What I thought to myself after reading the news was, are we going to see this option of betting on gambling websites I'm subsequent elections?

[stadus]

What I thought to myself after reading the news was, are we going to see this option of betting on gambling websites I'm subsequent elections?

Of course, that’s a different kind of gambling site where the money is wagered, it’s a decentralized prediction market. Big sportsbooks can still take on huge bets, after all, they don’t really lose anything since they use algorithms to keep both sides balanced and make their profit from the vig or juice.

[Oshosondy]

I can not bet more than 2 to 5% of my weekly income. If it is election which is not everyday or every week bet, I can go up to 10 to 25% of a week income. But likely I will use 25% of that week income on it. So the amount of money is not what that matter but the percentage that you use to bet that will not affect you.

He did win and made profit but I was just so surprised with how can anyone bet this huge amount of money?

People can be like that. He may know that Trump would win. Also you would have read news about some people that bet and go broke and go from being rich to being poor. That is just life.

Focusing on one platform will not eradicate people who would continue to bet this huge amount of money.

This is just how government from such country will do if Polymarket is not registered in their country. If the gambling site is in their country, it will not be a problem for the government. They hate money to leave their country.

[Russlenat]

This is just how government from such country will do if Polymarket is not registered in their country. If the gambling site is in their country, it will not be a problem for the government. They hate money to leave their country.

The problem is, Polymarket isn’t registered anywhere, yet they’re still operating... Probably no one can stop them because they claim to be decentralized, and typically, when something is decentralized, it can’t really be regulated by the government. The best a government can do is ban them by blocking their citizens from accessing the website, but they’re still running since they’re accessible worldwide. I think the issue here isn’t really about tax revenue.

Founded in 2020 and still up until now.

[danherbias07]

Same. I would not bet such an amount too. Heck, I cannot even gain that kind of money maybe in my whole lifetime.

Anyway, you are right, punishing the platform is not the solution at all. What they need is to check every online casino and sports bookies if they are limiting the amount to bet from their gamblers. It's a lesson for them that they should also focus on the businesses that are running in their network. I mean, if that kind of amount could slide and be accepted by a gambling platform, there may be more who are doing the same but are just not sharing it, unlike the person in the article.

[m2017]

I have seen various topics discussed in here about their bankrolls or budget and whatnot when gambling. Well a French national just wagered $30 million to a bet about the US election. Now the online platform is being reviewed by France and is being checked if they follow laws accordingly. I am sure that amount shocked them especially after the gambler admitted that it was not even to sponsor Trump and that he did not have any political agenda with that bet. He did win and made profit but I was just so surprised with how can anyone bet this huge amount of money?

The answer to the question is easy to find, if you consider that these $30 million may not be "quite his" money, the loss of which will not affect his well-being. For example, corrupt money that cannot be legalized (although with such a sum as $30 million, I don't think that this is something impossible), and gambling allows you to "whitewash" this money. I do not know if this is really the case in this story, but I can assume so, because no one can imagine a person willing to risk such an impressive amount for one bet. At least, that's exactly my opinion.

No matter how rich I get, I do not think I would be risking throwing away $30 million. I am also sure that the French authorities are making moves after this ridiculous amount of money betted to prevent encouraging their citizens from following in the gambler's footsteps. But I think instead of punishing the platform, the government should focus on how can they 'control' their citizens' gambling habits. Focusing on one platform will not eradicate people who would continue to bet this huge amount of money.

Any government can only "prohibit, punish and deprive". Following this trend, if the French authorities are interested in this case, then restrictions will certainly be introduced, for example, on the amount of the bet. Although, the government also has its percentage of this winnings, which creates a certain conflict of interest.

From a formal point of view, everything is "fair": there was a bet, the bet won, which means the gambler should get his winnings. Rules are rules.

[yahoo62278]

The amount a person is willing to gamble is usually dependent upon the amount of money they have. If you have $100 to your name you might gamble 10% of that. Most people will not put much more then that at risk, then you have your addicts who will wager every last dollar they have. When you are a person who is "loaded" you're not making a silly bet with everything to your name, you're likely still only betting a small portion of your net worth and probably only on a medium risk bet.

There are degenerates that have no limits, but those people likely aren't super loaded.

[$weetne$$]

No matter how rich I get, I do not think I would be risking throwing away $30 million. I am also sure that the French authorities are making moves after this ridiculous amount of money betted to prevent encouraging their citizens from following in the gambler's footsteps. But I think instead of punishing the platform, the government should focus on how can they 'control' their citizens' gambling habits. Focusing on one platform will not eradicate people who would continue to bet this huge amount of money.

What was his net worth because I can only think about someone who is extremely rich that will decide to risk $30 million on Donald Trump winning although his victory was almost guaranteed as I watched both campaigns and I did not see anything special that Kamala did in her campaign. She was only hoping on the fact that people hate Donald Trump and will not vote him therefore she was going to win. How can you bring singers to twerk on stage on your rally when you want to become the president of America. Before he risk that amount, he knew what he was doing. If I am rich and I am also sure I can win similar bets, I would not hesitate to do it. But I have to be willing to let go of such amount before I will decide to use it as a wager.

[freedomgo]

This... (gamble what you can afford to lose)...

Of course, we each have our own limits since our financial situations are different. If others can bet $1 million, that doesn’t mean we can; we don’t even have $1 million... The important thing is to be responsible, set a limit, and stick to it... After all, we’re gambling to enjoy, right? If we’re doing it to make a living, that’s a different story. In that case, you’d be ready to risk more, maybe set up a bankroll, get funds by selling properties, taking loans, or whatever it takes. It’s like a business; you’re willing to risk more because you see a big opportunity.

[Baofeng]

I have seen various topics discussed in here about their bankrolls or budget and whatnot when gambling. Well a French national just wagered $30 million to a bet about the US election. Now the online platform is being reviewed by France and is being checked if they follow laws accordingly. I am sure that amount shocked them especially after the gambler admitted that it was not even to sponsor Trump and that he did not have any political agenda with that bet. He did win and made profit but I was just so surprised with how can anyone bet this huge amount of money?

And reports say that the French government wanting to ban Poly because of this. I mean they didn't or can't put a tax on it, and so the best thing for them is to ban them in their country so that no one can play on their platform again.

No matter how rich I get, I do not think I would be risking throwing away $30 million. I am also sure that the French authorities are making moves after this ridiculous amount of money betted to prevent encouraging their citizens from following in the gambler's footsteps. But I think instead of punishing the platform, the government should focus on how can they 'control' their citizens' gambling habits. Focusing on one platform will not eradicate people who would continue to bet this huge amount of money.

You can say because that's what most of us here, we are just average gamblers. But there are really big whales that we don't know how much money they are willing to take or bet. We have seen sports personalities like Floyd who also bet big on any sports, same as Drake (although others believed that he has this bad curse on gambling). Ryan Garcia a boxer, bet millions on him to win his fight against Devin Haney. So everyone has different risk appetite, and obviously, if you have tons of money, you are willing to bet millions.

[Frankolala]

That's a whole lot of money mate, and I like that guy because he knows that Trump would win the election and that was why he took the bold step to bet with such amount of money. He might not worth too much, but had to take the risk since he knows his chances of winning is high than losing, and boom he won his bet. If I have the assurance that I will win my bet, I can stake with a huge amount of money, but how possible will that be. I prefer to put my mind at ease and for that reason, I only gamble with 3% of my income, so that if I loss it all, it wouldn't affect me emotionally.

[Charles-Tim]

The problem is, Polymarket isn’t registered anywhere, yet they’re still operating... Probably no one can stop them because they claim to be decentralized, and typically, when something is decentralized, it can’t really be regulated by the government.

Is it not the platform that was fined by the United state Commodity Futures Trading Commission (CFTC)in 2022? I am not sure because that was said to be a DeFi platform.

https://thedefiant.io/news/regulation/cftc-polymarket-action-no-license

Many platforms that people thought are decentralized are not. There are other gambling sites that do not require KYC but are centralized. If a gambling site is using central servers for operation, that makes them centralized. Centralized one is what people will prefer to develop because of their personal benefits and profits. Decentralized means anyone can run a node and gain from running the node but Polymarket will not be like that. Or is it like that?

But the site may tolerate the use of VPN but that does not mean they are decentralized. If something is decentralized, it would be beyond what government can control. Examples are bitcoin network and Tor

The best a government can do is ban them by blocking their citizens from accessing the website, but they’re still running since they’re accessible worldwide. I think the issue here isn’t really about tax revenue.

What do they have about VPN on their terms of service?

[EarnOnVictor]

I have seen various topics discussed in here about their bankrolls or budget and whatnot when gambling. Well a French national just wagered $30 million to a bet about the US election. Now the online platform is being reviewed by France and is being checked if they follow laws accordingly. I am sure that amount shocked them especially after the gambler admitted that it was not even to sponsor Trump and that he did not have any political agenda with that bet. He did win and made profit but I was just so surprised with how can anyone bet this huge amount of money?

Well, it is rights of the French government to ensure that all rules and laws are duly followed, if not, some casinos may use the opportunity of the big amount to launder money. Again, they need to adhere to the internal management mechanism and safety so that they will not bankrupt easily or accept the risk they can't take.

Now, about the main gist, the truth is that the rich and poor only have a thin line of difference, we are both humans and we risk almost alike. The $30m might look big to you but to the rich, it might feel like your $2,500 depending on the status of the two of you. The risk is also a very good one because Trump would likely win, he is the most popular, no doubt about that, and for the options to be only two is another helpful part. And such like him may not be gambling all the time but just want to hit the nail so hard with the US election opportunity, I love that.

[kotajikikox]

it’s not because they’re worried about an increase in gambling in their country - it’s more to find out where these amounts are coming from and to make sure it’s not related to money laundering or any other illegal activities.

Well, that makes sense. I guess the bottom line here is that they were alarmed by such a huge amount in a betting platform. Whether they are concerned for their citizens or just the legality of it all, this amount definitely attracted the attention of the authorities.

I read this news and thought to myself this dude is one smart guy. To the best of my understanding, he created a poll for Americans to bet on who they thought their neighbors was going to vote for and not exactly who was going to win the election. But he didn't do this with any gambling site in particular but with a poll master I think.

Even though I think it is a bit reckless to bet millions of money for an election, I do think that he did his own research correctly. I mean for sure he studied how many republicans v liberals are in each state and how would these affect the election. There were also lots of polls all throughout the year and I did see Trump leading most of it. It makes sense since he said he didn’t bet to endorse Trump. Maybe he just made an informed decision as well.

[Russlenat]

The problem is, Polymarket isn’t registered anywhere, yet they’re still operating... Probably no one can stop them because they claim to be decentralized, and typically, when something is decentralized, it can’t really be regulated by the government.

Is it not the platform that was fined by the United state Commodity Futures Trading Commission (CFTC)in 2022? I am not sure because that was said to be a DeFi platform.

https://thedefiant.io/news/regulation/cftc-polymarket-action-no-license

Many platforms that people thought are decentralized are not. There are other gambling sites that do not require KYC but are centralized. If a gambling site is using central servers for operation, that makes them centralized. Centralized one is what people will prefer to develop because of their personal benefits and profits. Decentralized means anyone can run a node and gain from running the node but Polymarket will not be like that. Or is it like that?

Yes, they were penalized, and they actually paid up and complied with the directives, even stopping their binary options contracts since that was the violation. As long as they pay, they can operate. Their income is huge; just think about those $40 million bets, imagine how much they make from that alone.

https://finance.yahoo.com/news/polymarket-shuts-u-traders-comply-161312465.html

Polymarket has shut U.S. traders out of its bets, but the prediction market remains live everywhere else.

That’s the company’s solution following its recent settlement with the Commodity Futures Trading Commission (CFTC).

Polymarket is a prediction market that came out of stealth in June 2020. Calling it an “event-based binary options market” the CFTC brought suit against the company that runs Polymarket, which is based in New York City. It was settled with a $1.4M penalty and an agreement to cease its violations of various rules cited in the order. The order stipulated that Polymarket would certify that it had ceased offering such products by Jan. 24.

But the site can tolerate the use of VPN but that does not mean they are decentralized. If something is decentralized, it would be beyond what government can control. Examples are bitcoin network and Tor

The best a government can do is ban them by blocking their citizens from accessing the website, but they’re still running since they’re accessible worldwide. I think the issue here isn’t really about tax revenue.

What do they have about VPN on their terms of service?

I’m not sure how to explain this, but maybe it’s decentralized in a way that the odds don’t rely on oddsmakers like in regular sportsbooks. If I’m not mistaken, the odds here depend on the bets coming in, so they can be adjusted to be higher or lower compared to standard odds from big sportsbooks.

[Mahanton]

I have seen various topics discussed in here about their bankrolls or budget and whatnot when gambling. Well a French national just wagered $30 million to a bet about the US election. Now the online platform is being reviewed by France and is being checked if they follow laws accordingly. I am sure that amount shocked them especially after the gambler admitted that it was not even to sponsor Trump and that he did not have any political agenda with that bet. He did win and made profit but I was just so surprised with how can anyone bet this huge amount of money?

No matter how rich I get, I do not think I would be risking throwing away $30 million. I am also sure that the French authorities are making moves after this ridiculous amount of money betted to prevent encouraging their citizens from following in the gambler's footsteps. But I think instead of punishing the platform, the government should focus on how can they 'control' their citizens' gambling habits. Focusing on one platform will not eradicate people who would continue to bet this huge amount of money.

So how this do end up? Making up that huge win because of that huge bet that he made. Wondering if they do able to paid him up totally without any issues? Of course this will really be bringing out that kind of noise
because this is an amount that  you cant something be able bet up easily and for sure there would really be some questions of that certain individual on how he could have that so much money?
Just wondering on why the bookie did really accept it out?  Well this is an another concern on which we know that this is something that will really be that on different discussions in relation to this one.
About into the question on how much that you could really be that able to spend or how much you can be able to put up such risks then it will really always reflect out on someones financial capacity.
If someone could be able to bet out multi millions  then this do really proves out that he's really that tons of money and this is something that we cant be able to stop since its his money after all.
There are really just people who do get amazed about on how people do consider out on betting into an amount that not an ordinary bettor could be able to do so. We dont know on what would be the possible
verification for that bettor to have after he had put up that so much money into his bets. There are really those questions that cant be avoided not to be asked about on where those sources come from but
if he could be able to provide then i dont really see any issues with this.

[Ultegra134]

If I’m not mistaken, this is the total amount bet on Polymarket. And since it’s a decentralized prediction market, there’s no limit on how much you can wager. Well, if the authorities do investigate, it’s not because they’re worried about an increase in gambling in their country - it’s more to find out where these amounts are coming from and to make sure it’s not related to money laundering or any other illegal activities.

And Polymarket did say that there’s no evidence showing that he manipulated the market.

I'm not quite sure about this, quoting from the article:

That comes after one "whale" who bet $30 million on a Trump win was revealed to be a French national.

Moreover, the article also claims that Polymarket garnered approximately $3.7 billion in wagers for the U.S elections. That's an insane amount of money. With that being said, it's fair to say that it's true, a French official did bet $30 million on Donald Trump's victory.

This is an outstanding amount of money on a single bet, no matter how confident I was about Trump's victory, I wouldn't go ahead and bet more than $150 to $200 on a single bet, and even that sounds a lot, even though I can afford losing it.