Polymarket trader lost $2.36M in just 8 days over these bad bets

A Polymarket trader has burned through $2.36 million in eight days. According to trade records reviewed by market tracker Lookonchain, the losses accumulated after the trader placed 53 separate predictions in US sports leagues and college football.

Lookonchain reported on X that the trader using the pseudonym bossoskil1 recorded 25 winning trades and 28 losing trades during the eight-day period. Although they counted a win rate of 47.2%, the profits were insufficient given the size of the bets lost.

Polymarket trader looks for solace in sports prediction markets

Bossoskil1’s put money on NFL, NBA, NHL, and NCAA football and settled bets on spread-based contracts.

Bossoskil1 bought contracts priced between 40 cents and 60 cents at times, which could mean their confidence in the positions was moderate at best. But even with that pricing, the bets exceeded $200,000 and in several cases surpassed $1 million.

One of the largest losing positions was an NFL bet on Sunday’s clash between the Green Bay Packers and the Chicago Bears. The trader purchased more than 2.5 million shares at 54 cents, and when the position settled at zero, the loss exceeded $1.36 million.

Another loss came from a Bills versus Jaguars spread, in which bossoskil1 backed the Jaguars with over 2.6 million shares at 54 cents, but the NFL team lost by 3 and took his losses to $1.41 million. 

They also put money on the Eagles to beat the 49ers and the Chargers to beat the Patriots. The Eagles lost $304,000, and the Chargers lost $2,700, respectively.

Bossoskil1 wagered six figures on the NHL’s Chicago Blackhawks against the Edmonton Oilers resulting in an $8,500 loss, and on the Columbus Blue Jackets against the Vegas Golden Knights where they lost $2,600.

Some NHL odds made more than 100% returns, such as winning bets on the Devils, Kraken, and Blackhawks in different games. A college football spread bet on Miami made more than $500,000, and an NFL spread bet on the Rams made more than $730,000.

However, these wins were outpaced by larger losing positions, and by the end of the period, the trader’s account balance had realized losses totaling $2.36 million. 

As of the time of this reporting, the account still has several positions active, including an NHL wager on the New York Islanders of about 520,000 shares at 49 cents, an exposure of about $255,000. The trader also held a position backing the Chicago Blackhawks against the Washington Capitals with more than 1.65 million shares amounting to $744,000.