Polymarket Traders Lose $2.7 Million on Premier League Favorites

Two Polymarket traders lost a combined approximately $2.7 million after Manchester City and Chelsea suffered Premier League defeats on Oct. 24, according to Bitcoin.com News. The report described two seven-figure positions that became worthless when neither favored team won.

The account 3edmond.dantes lost about $1.04 million backing City, which the report said was beaten 2-1 at Aston Villa. A second trader, joseph00677, lost approximately $1.62 million after Chelsea’s reported 2-0 home defeat against Tottenham Hotspur.

Both positions were assembled before kickoff, according to the publication. Their size meant that unfavorable results translated into losses exceeding $1 million for each account, rather than merely temporary declines in the quoted value of their holdings.

The City position reportedly cost about 62 cents per share, while Chelsea’s pre-match market price implied a 51.5% chance of victory. Those prices favored the selected teams but still left substantial room for a different result. Being the favorite did not make either position secure.

Polymarket’s documentation explains that participants buy shares tied to specified outcomes, with prices reflecting the market’s implied probabilities. A winning share pays $1 at settlement, while an unsuccessful share pays nothing. The amount paid to acquire a losing position is therefore exposed in full if it is held through resolution.

That structure makes the distinction between a likely outcome and a guaranteed payout especially important. A trader can correctly identify the more probable result and still lose the entire purchase price on an individual event. Concentrating a large sum in one match magnifies the financial consequence without changing the uncertainty of the result.

Another account, raybanman, reportedly earned approximately $964,000 through positions against a Chelsea victory and in favor of Tottenham. The contrasting results illustrate how the same fixture can produce sharply different outcomes for traders holding opposing contracts, rather than a uniform loss across the market.

The reported Chelsea loss also did not erase joseph00677’s broader gains. Bitcoin.com News put the account’s monthly profit at $5.61 million after the defeat, while describing 3edmond.dantes as down $1.24 million overall. A single losing position and an account’s cumulative performance are different measures, and neither alone establishes a strategy’s reliability.

Polymarket says its prices move with supply and demand as participants reassess outcomes. Those changing prices provide opportunities to trade before settlement, but they remain market assessments rather than promises. The reported losses demonstrate why the quoted chance of success must be considered alongside the amount of money committed.

The account figures and match details cited here come from Bitcoin.com News and were not independently verified against transaction records or official match reports. Further assessment would require those underlying records, including evidence of purchases, sales and settlement, to establish the complete financial outcome for each position.