Key facts
- A French freelance video creator in Hong Kong began using prediction markets like Polymarket.
- He bet on political outcomes and cryptocurrency price movements.
- He invested HK$1,500 and saw his initial winnings reach HK$4,000.
- He ultimately lost all of his money.
A 25-year-old French freelance video creator residing in Hong Kong has lost HK$4,000 (US$190) after betting on prediction markets, including Polymarket. The individual, who has lived in Hong Kong for five years, was initially attracted to the platform by the prospect of making easy money on a variety of outcomes, ranging from political events like the potential prime ministership of Japan's Sanae Takaichi to whether Ukrainian President Volodymyr Zelensky would be seen wearing a suit by a specific date. He also placed bets on cryptocurrency-related wagers, such as short-term Bitcoin price movements. Over the past year, he wagered approximately HK$1,500 of his own money, at one point tripling his investment to HK$4,000, only to lose it all shortly thereafter. He acknowledged that betting on prediction markets constitutes gambling, stating that there is no way to know future outcomes.