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Americans have wagered millions of dollars in spot bets on the US’s most significant football event, the Superbowl, which pits the Chiefs against the Eagles. President Trump and Polymarket crypto bettors have taken opposite sides.
According to a Forbes report, Trump, the first President in US history to attend a Superbowl event, told reporters he was siding with the reigning champions in the Chiefs vs. Eagles duel. As per the report, Trump stated:
“I have to go with Kansas City […] it’s going to be just a great game.”
Platform Facing Regulatory Challenges
The Philadelphia Eagles and the Kansas City Chiefs are locked in a high-stakes game at Bowl LIX, where the winner will receive the prestigious Lombardi Trophy. The Kansas Chiefs are the reigning champions and hope to win their third consecutive Super Bowl.
Surprisingly, Polymarket crypto bettors have wagered slightly over one billion dollars on the outcome of the Chiefs vs. Eagles match, making it one of the most hotly watched events by punters. This is despite the fact that Polymarket has previously faced several regulatory hurdles, making it unavailable to US residents. Apparently, the Polymarket bettors have also taken sides with the federally regulated Kalshi to lean in favor of an Eagles victory.
Millions of Dollars on the Line
Millions of dollars are on the line, and some individuals could win big on their game prediction, while others could equally lose depending on whom between the Chiefs and Eagles takes the day. The night before the Superbowl, numerous bets favor the Chiefs, taking another win, their third consecutive one. Sports’ betting covers everything from individual player performances to the game’s winner or touchdown scores and total yardage, to name a few.
Strict Regulations Surround Sports Betting Activities
The current bet on Polymarket, a platform that allows betters to use a “yes” or “no” bet on the possibility of an event going one way or the other, has given the Chiefs a 52% possibility of winning the game. While Polymarket remains the go-to platform for placing on-chain bets, it has attracted the scrutiny of regulators. While betting on Polymarket has been banned outrightly in some jurisdictions, the US Commodity Futures Trading Commission (CFTC) is seeking legal access to the firm’s customer data.
According to a January 2025 report by Bloomberg, the CFTC was examining whether crypto.com and Polymarket violated gaming laws. The US runs some complex Sports betting laws that have led to prohibition or complete banning in some states under federal law. While some states have legitimized sports betting, others have opted to impose strict regulations surrounding the operations of sports gambling platforms like Polymarket.
CFTC vs. Polymarket
The CFTC had previously conducted drawn-out legal battles with Polymarket and sister prediction markets, with the latest one happening a few days before the Trump administration took office. A Coinbase spokesperson said in an email statement that they had received a request for information from the agency. The statement said:
“When we receive requests for information from a government, each request is carefully reviewed by a team of trained experts using established procedures to determine its legal sufficiency […] we will seek to narrow requests that are overly broad or vague to provide a more appropriately tailored response.”
Conclusion
As the crypto community waits to see who blinks first between the CFTC and Polymarket, it will be interesting to know who will take the trophy home between the Polymarket crypto bettors and President Donald Trump’s side.
Frequently Asked Questions (FAQs)
What is Polymarket?
This is an innovative betting platform that uses blockchain technology to enable users to make predictions on different events.
How does it work?
The platform uses decentralized applications (DApps) where users can bet on the outcomes of a wide range of future events.
How does the platform make money?
Polymarket charges minimal fees, primarily designed to incentivize liquidity providers and maintain smooth market operations.
Is Polymarket legit?
The platform’s approach to betting has earned it a strong reputation. However, it faces regulatory challenges in the US and several other jurisdictions.
References
Appendix Glossary of Key Terms
Superbowl: A game of American Football played annually between the winners of two leagues.
Betting: Sports betting refers to predicting sports results and placing a wager on the outcome.
Wager: The amount of money a bettor puts on risk predicting the outcome of an event.
Crypto Bet: A crypto bet is a wager made using cryptocurrency.
CFTC is an independent US regulatory agency regulating the futures, options, and swaps markets.
