Polymarket bettors have put $1.1 billion in volume on the outcome of the Superbowl, which saw the Philadelphia Eagles beat out the Kansas City Chiefs 40-22, as the betting platform continues to gain steam, despite regulatory hurdles. 

Polymarket has become the go to avenue for placing on-chain bets, which has brought in scrutiny from regulators. Some countries have outright banned Polymarket, while the U.S. Commodity Futures Trading Commission (CFTC) wants to gain access to the platform’s customer data.

According to crypto attorney Aaron Brogan, the argument that prediction markets, like Polymarket, are simply a Web3 version of gambling is an inaccurate characterization. 

Brogan, said that unlike traditional betting platform, prediction markets make money on the transactions fees rather that the users. 

Regardless of the challenges, Polymarket is thriving and bettors are gaining or losing big sums of money.