Published on: November 18, 2024, 08:46h. 

Last updated on: November 18, 2024, 08:46h.

A trader on Polymarket who previously won about $11 million by betting on Donald Trump’s return to the White House, lost nearly a third of that amount when the comeback did not happen at Texas’s AT&T Arena on Friday.

YouTube sensation turned boxer Jake Paul’s lackluster victory over a noticeably rusty “Iron” Mike Tyson in Friday’s highly promoted Netflix event was a disappointment for the bettor who had wagered $3.6 million on the match.

Prior to the fight, “zxgngl” purchased over 11 million shares at an average price of 33¢, which represented one-third odds. Despite the loss, they still rank as the fourth-highest earner on Polymarket due to their successful bet on Trump’s victory, as per the platform’s leaderboard.

Controversial Match

The fight was mired in controversy from the outset, with many questioning the morality of having a 58-year-old face a fighter 30 years younger, even if the 58-year-old was a former heavyweight champion.

Tyson’s previous professional bout was in 2005 against Kevin McBride, where he retired in the seventh round and admitted he had lost his passion for the sport.

Originally scheduled for July, the Paul vs. Tyson fight was postponed until now after Paul had a health scare with an ulcer during a flight from Miami to Los Angeles in May.

Additionally, nine state gaming regulators banned their licensed sportsbooks from taking bets on the fight due to its non-traditional rules and concerns about its authenticity. States like Colorado, Connecticut, Kentucky, and others were not accepting bets on the contest.

Subpar Performance

The fight faced more scrutiny when a (fake) document claiming to be a leaked script detailing the round-by-round breakdown of the match circulated on social media before the event.

Despite being the clear favorite with 63.5% on Polymarket, more money was placed on Tyson, indicating a desire to see the former heavyweight champion teach the young competitor a lesson.