Polymarket bets on Iran attack handed half a million dollars in profits to one user
&imwidth=600&imheight=450&format=webp&quality=medium "Polymarket bets on Iran attack handed half a million dollars in profits to one user")
Polymarket bets on Iran US war made someone richer by more than half a million dollars. Photograph: (AFP)
A Polymarket user placed several bets on the situation in Iran in the past 30 days and made more than $500,000. On Saturday, when Israel attacked Iran, he scooped up his biggest profit yet, triggering fears of insider trading.
A gambler made half a million dollars by betting on when the US would strike Iran, once again triggering rumours of insider trading. Polymarket user @Magamyman regularly placed bets on different bets revolving around Iran attacks in the past 30 days and made $637,000. His biggest win came on Saturday, registering an 82.73 per cent profit on the wager that the US would attack Iran by February 28. He made more than $195,198 betting on movements in Iran, and his earnings have become a cause of anger among others. People cannot fathom the fact that the person made so much money on the timing of the attack on Iran. X users are asking Polymarket to ban "any betting that would affect national security." They are calling for more transparency in the betting market after Magamyman's big win. There have been similar allegations in the recent past when Maduro was captured from Venezuela, and later Israel also investigated reports that an insider used classified information to bet $128,700 on the attack on Iran in 2025.
The user who won big on the February 28 attack bet had made several wagers on the political situation in the Middle East, including when Israel would strike Iran. He collected a lot of money from all these bets. Social media users fear insider trading is leading some people to place and win big bets. However, a few others came to his defence, claiming that it was pretty clear that the US would attack Iran soon. One user wrote on X that after the US ambassador in Israel ordered evacuations on Friday (February 27), he even placed bets on it.
Users demand Polymarket make the process transparent
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There is no proof that the bettor won because of insider trading, but they have termed the win "utterly unconscionable." A user wrote, "So basically they either have insider info of the luckiest timing in betting history. Either way, that's the kind of trade that makes you wonder what they knew and when they knew it." Another demanded, "There absolutely needs to be more transparency, especially when the average person is losing a ton of money on these platforms and even going into debt," with a user branding it "insider trading and should be illegal." It is unclear whether Polymarket will make payments linked to bets on the Iran attack.
