Top Trending Gambling News July 9, 2025: Polymarket Embroiled in 237M Zelenskyy Suit Scandal
These are your top trending news stories from the world of gambling and sports Wednesday July 9, 2025. Last 24 Hours Gambling911 Impressions: 85663.
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Polymarket Embroiled in $160M Zelenskyy Suit Scandal
Did he or didn't he?
It was a relatively obscure betting market - or so we thought - that went relatively unnoticed by us here at Gambling911.com.
More than $160 million in crypto bets were at stake.
Specifically, Polymarket faces backlash over a disputed market on whether Ukrainian President Zelenskyy wore a suit before July, with over $160 million in crypto bets at stake.
The exact amount is in question with decrypt claiming the bet to be $237 million.
The initial outcome of "yes" was disputed by the validators behind Universal Market Access (UMA), the oracle protocol that determines the results.
From CoinDesk:
The price of "yes" has now plummeted to $0.04 from $0.19, giving an implied probability of outcome at just 4%. The "yes" voters are striking back, claiming that Zelenskyy did indeed wear a suit at the NATO summit on June 24 and that there could be foul play by UMA validators to swing the decision.
The validators are holders of UMA protocol tokens, who get to vote on the veracity of the real-world data that's encoded in the protocol's oracle. In theory, a large-enough swathe of token-holders could manipulate a result to their own choosing.
Interestingly, popular menswear influencer and writer who goes by the moniker "derek guy" bet $3.6 million on the market resolving as "no." He stood to make $72,000 if the bet is successful.
"derek guy" is now $72,000 richer.
A final verdict came on Tuesday on the "no".
Critics argue token-weighted voting enabled outcome manipulation, while community-led proposals for reform were dismissed, decrypt's Sebastian Sinclair writes.
The decision prompted accusations of inconsistency, with critics citing prior media reports and visual evidence. Others argued the rejection of “Yes” was based on precedent from a similar market in May, where a nearly identical outfit was also deemed insufficient to meet the criteria.
A live broadcast by controversial figure Martin Shkreli on July 1 added fuel to the controversy, calling the resolution process a “scam” and claiming he would raise concerns with one of Polymarket’s major investors.
The controversy even generated interest among punters across rival predictions markets, including Myriad Markets, to take a bet on whether Polymarket would resolve its Zelenskyy outcome to either "Yes" or "No."
The odds are good we haven't heard the last of this story so stay tuned.
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