Zohran Mamdani wins the Mayoral Race. How much did Polymarket users make? | Credit: Getty Images.
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Key Takeaways
Zohran Mamdani has become New York City’s first Muslim and South Asian mayor, winning with over 60% of the vote.
Polymarket users saw over $140 million in wagers on Mamdani’s win.
It comes as Polymarket plans a U.S. return.
Progressive Democrat Zohran Mamdani’s victory in the New York City mayoral election has triggered millions of payouts to traders on prediction platform Polymarket, after months of intense speculation over one of the most-watched local races in the U.S.
The betting exchange, which allows users to wager on real-world events using crypto, had accumulated over $140 million in bets that Mamdani would win the 2025 mayoral election.
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Mamdani, the 34-year-old from Queens, was announced the winner of the election on Wednesday, securing an estimated 60.2% of the vote.
The win marks a historic moment for the city for several reasons, as Mamdani becomes the first Muslim mayor, the youngest person in a century to take office, and the city’s first South Asian leader.
In addition, Mamdani targeted much of his campaign against U.S. President Donald Trump, labeling himself as “Trump’s worst nightmare.”
During his victory speech in Brooklyn, the newly elected mayor said:
“If anyone can show a nation betrayed by Donald Trump how to defeat him, it is the city that gave rise to him.”
“This is not only how we stop Trump. It’s how we stop the next one. So Donald Trump, since I know you’re watching, I have four words for you: ‘Turn the volume up.’”
In response to the win, Trump took to Truth Social, simply writing: “…AND SO IT BEGINS!”
Polymarket Traders Cash In
On Polymarket, Mamdani’s steady rise mirrored the election’s dramatic real-world dynamics.
Charts from the platform show a sharp uptick in trading volume through the summer, with daily liquidity peaking at over $15 million.
Mamdani was the clear winner on Polymarket | Source: Polymarket
Competitors including Andrew Cuomo and Eric Adams saw their contracts sink to near zero as Mamdani’s momentum solidified.
Mamdani’s race generated over $143 million in total trading volume on Polymarket.
While that figure reflects total trades rather than net wagers, an estimated tens of millions of dollars in payouts were distributed to traders who backed Mamdani.
A Return to the U.S.
After three years operating abroad, Polymarket regained regulatory clearance to serve U.S. users again in September.
The approval marks a significant turnaround for the startup, which was fined $1.4 million in 2022 and ordered to restrict access for American traders for running an unregistered swaps platform.
At the same time, Trump has entered the prediction market arena himself.
His social media company, Truth Social, plans to launch a crypto-enabled wagering service called Truth Predict, positioning it as a direct competitor to Polymarket.
The new venture is expected to allow users to stake digital assets on political, entertainment, and financial outcomes, mirroring many of Polymarket’s features.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
