‘We Need Answers!’ Congressman Calls Out Polymarket Bettor Who Scored More Than $500K ‘Overnight’ On Iran Strike

People watch as smoke rises on the skyline after an explosion in Tehran, Iran, Saturday, Feb. 28, 2026.(AP Photo)

A Democratic congressman flagged a Polymarket wager he found suspicious — as a gambler on the prediction market made more than $500,000 off of the U.S-Israel attack on Iran.

In a post on X Saturday, Rep. Mike Levin (D-CA) posted a screenshot of the account activity from a Polymarket user called “Magamyman” — and suggested the wagers were not on the level.

“It appears that a Polymarket account called ‘Magamyman’ made $515,000 in a single day betting on last night’s U.S. strike on Iran, with the first trade placed 71 minutes before the news broke publicly,” Levin wrote. “When this person bought in, the market had this at a 17% probability. They turned roughly $87,000 into over half a million dollars overnight.”

The congressman went on to call out the business relationship between President Donald Trump’s son, Donald Trump Jr., and Polymarket.

“Reminder that Donald Trump Jr. sits on Polymarket’s advisory board and his firm invested double-digit millions into the platform last year,” Levin wrote. “The DOJ and CFTC both had active investigations into Polymarket that were dropped after Trump took office.”

Levin added, “Prediction markets cannot be a vehicle for profiting off advance knowledge of military action. We need answers, transparency, and oversight.”

Polymarket, in a disclaimer posted to its site, defended taking wagers on prediction markets related to Iran.

“The promise of prediction markets is to harness the wisdom of the crowd to create accurate, unbiased forecasts for the most important events to society,” the company said. “That ability is particularly invaluable in gut-wrenching times like today. After discussing with those directly affected by the attacks, who had dozens of questions, we realized that prediction markets could give them the answers they needed in ways TV news and X could not.”

Bloomberg reported that, in all, $529 million changed hands in markets relating to the timing of a U.S. attack.

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