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by Zohran Mamdani victory over Andrew Cuomo to become the 111th mayor of New York City drew a record voter turnout and $424 million in Polymarket betting volumeleaving a trader nursing heavy losses after betting against him.
A bettor from the handle”fuxxux007‘ is down $969,169 after betting against Mamdani. The trader seems to be new to Polymarket, second Polymarket Analyticswith only two bets: one against Mamdani worth $973,757 and one for him worth $42,973.
On the other hand, the biggest winner of the night was a trader known as “degraded’ which netted $188,487 bets on Mamdani.
In the end, Polymarket correctly predicted the outcome of the election, aligning with the polls. However, it was not without controversy: billionaire Bill Ackman stated the prediction markets were replaced with malicious orders to make it appear that Mamdami’s chances were higher than expected.
Those statements echo last year’s election debate in the United States, when leading retail outlets have accused Polymarket of manipulation after a French trader’s multimillion-dollar bets inflated Donald Trump’s odds.
At the time, experts told CoinDesk that attempts to rig prices were short-lived and mostly self-correcting, as arbitrage and the liquidity of professional firms quickly eliminate bad prices.
Traders took the same position on the eve of the New York election, with some saying that a bet on Mamdani in the days before the polls opened was in effect a guaranteed bond with 5% interest.
