Polymarket Whales Lose Millions in a Day of Premier League Upsets

Two Polymarket traders lost a combined $2.7 million on Saturday after backing Manchester City and Chelsea, both of whom lost to underdogs in the Premier League. The first loss came at lunchtime. Between 10:33 UTC and the 11:30 UTC kickoff at Villa Park on Oct. 24, the trader 3edmond.dantes bought 1,672,836 shares in City to win for $1,036,694, an average of about 62 cents each, on binary contracts that pay $1 if the outcome happens and nothing if it does not . Manchester City, who had a perfect record in the Premier League up to this point of the season, despite being embroiled in financial scandal, were 60.5% favorites just before kickoff, with Villa at 18.5%.

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