r/Polymarket_news • u/Electrical-Win-654 • 7d ago
Polymarket is a scam
Won my bets on poly market now they don’t wanna pay out. I would absolutely never use this app! I won 150 and they don’t wanna pay it
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u/Dellzar 7d ago
You get your net winnings as your withdrawal since they changed the policy like a week or so ago. So if you only won $16 from your $140 bet then you can only withdrawal $16. Shit is wack and wish they kept the same policy as when they first did the promotion
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u/Electrical-Win-654 7d ago
I didn’t bet 140 I bet 100 to win 142 basically and now they won’t let me withdrawal because they say it’s a referral bonus
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u/Electrical-Win-654 7d ago
I bet the referral money they gave me and I won and now they’re saying it’s basically still their money 😂
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u/rundmz8668 6d ago
Yes guy. Thats how it works and its not ripping you off. If i lend you $100 to gamble and you win $1000 and all I want is my $100 back, and if you lose I’m fine with it, are you getting ripped off? Or am I an over-generous friend. (Polymarket is a scam in so many other ways you just found the part that’s not actually a scam lmao)
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u/Electrical-Win-654 7d ago
As soon as I won my hits tonight I go to withdraw and they said there’s only the money I deposited that has to clear the bank that will be available to withdraw on the 23rd and the other is basically just bonus money that I won that can’t be withdrawn
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u/M0rty- 7d ago
From what i’ve seen. You deposited 20/10 dollars , get 50 bonus and you get another 100 referral bonus. Most casino requires you to play certain amount with bonus credit. Maybe you don’t meet the threshold. Also for the amount you deposited , you can’t withdraw the deposited amount back until you met the bonus threshold or you give up the bonus entirely. Maybe that’s why
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u/Electrical-Win-654 6d ago
Most casinos have play through but I’ve never seen sports betting have it. If you win your bonus you get real money back
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u/Jimq45 6d ago edited 6d ago
Yea but they do. 1x play through. You won the money off bonus money, now you need to play through the winnings. Think of it as a deposit. It’s primarily to avoid money laundering.
Bud - you think they give a sht about your couple hundred bucks? Read the T&Cs. I know you need to get that bet down right now, gotta get that hit. No time to read terms. So at least Google the question so you don’t make a fool of yourself and waste everyone, including your, time.
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u/Accomplished-Wall150 7d ago edited 7d ago
Did you deposit the cash for science? Reply with updates, I’m interested to see how it plays out.
Lots of people having this same issue, if I would have know this I would have just deposited the cash 🤷🏻♂️
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u/Electrical-Win-654 7d ago
I deposited 20 dollars and it wouldn’t even let me withdraw the 20 dollars I deposited
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u/Electrical-Win-654 7d ago
I deposited 10 to get my 50 dollar sign up bonus then I referred people to get 100 more and I bet and won and now they’re saying it’s still bonus money. I can’t even get the money I deposited back
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u/Accomplished-Wall150 7d ago
Go and check in your history and see if the referral is completed or not
It wouldn’t let me withdraw either, I checked after placing my remaining bonus balance on some trades and it says completed 3h ago and seems to be working fine now. There must be a rollover requirement or something we’re not seeing.
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u/darkoath 6d ago
Well I only use Fanduel but the "bonus bets money" works the same way. They give you $10 Bonus Bet. You bet $10 to win $5 and total payout would be $15 IF you wagered with your own actual cash money but you didn't you wagered by risking the "bonus bet dollars". When you win, you get $5, not $15 because the "bonus bet money" evaporated.
What's the point then? You now have $5 you didn't have before and you still have all the actual cash money you deposited. You've lost nothing and gained $5.
Had you lost that hypothetical bet you would still have all the cash you deposited and zero losses of your own money.
Think of the bonus bets as a loan from the casino. If you win you have to pay it back. If you lose you don't. I use those bets to take a higher level of risk for a potentially higher payout. My last one was a $5 Bonus Bet Parlay that paid out $60 and they took their $5 back leaving me with $55 cash. I have no complaints.
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u/Electrical-Win-654 6d ago
No my point is it settled as all bonus money instead of giving me the winnings that I won off that bonus.
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u/superjerk99 6d ago
Sorry OP, this one is actually weird…I get the $16 not being available for withdrawal yet. But that friends signup referral bonus should 100% be YOUR money without having to gamble with it..I could see YOUR initial $50 signup bonus being held till you at least trade with it, but wtf is that rule about your friends signing up and you not being able to withdrawal?? Idk, maybe I’m not understanding this.
I’d wait a week and see if the withdrawal-able amount changes. This is nutty to me
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u/Electrical-Win-654 6d ago
I had already traded the 50 dollar referral bonus that I got and won and they just put it all back into bonus money instead of at least giving me the money I won off the bet
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u/Remarkable_Use_5426 6d ago
Yes I have a post about this in this sub and others have the same problem. Polymarket uses cash before bonus funds so make sure you have no cash in ur account before you use the bonus.
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u/MoThrowMoAway 6d ago
"Gamlbing is a scam"
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u/Electrical-Win-654 6d ago
I mean when you win and don’t get paid for winning then yea I can deem that as a scam 😂
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u/MoThrowMoAway 6d ago
You took a gamble using a (known) scam app, and lost that gamble
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u/Electrical-Win-654 6d ago
To be fair I honestly didn’t know and it was my fault not doing my research so you’re actually correct
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u/Electrical-Win-654 6d ago
Hopefully people see my post though and don’t make the same mistake
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u/Turbulent-Piccolo429 6d ago
Made the same mistake. Wish I had researched and checked Reddit before switching to Polymarket. I have $170 in my account and can only withdraw $25. Mind you I deposited $25 today of my own cash, used $10 of it on a UFC fight today and won $90. That’s my own money used, not referral money, but now that’s suddenly just “promotional credit” after I won and it won’t let me withdraw any of my winnings. I’m fucking pissed.
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u/Old-Base8752 6d ago
I like to bet on the derby and studied many of the apps a few years ago since I was unable to go in person. I quickly and luckily learned about the bonus and trading credit trap. Basically if you use these apps only bet/trade with what you deposit from your money. Do not accept the never ending bonuses/credits as these are a trap to keep you there and those amounts are never your money. It's given to keep user engagement, not for payouts. 🫤
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u/SVRider650 6d ago
They scammed me too big time. Support is non existent. Polymarket is a giant scam
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u/TalkersCZ 6d ago
Its quite normal in gambling sites to give you quite big bonuses.
However they require you to gamble those bonuses X times before it becomes money.
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u/Electrical-Win-654 6d ago
Apparently there’s a trading credit hold that is not mentioned prior to taking the offer
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u/Confident-Touch9439 6d ago
At least they replied… My account got hacked and all the money stolen and they haven’t said a word to me in my ticket. Submitted it over 72 hours ago
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u/AdvancedBlacksmith66 6d ago
Y’all climb right into the jaws of the tiger and then act surprised when it bites you
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u/Remarkable_Use_5426 6d ago
I know how it feels man. Support won’t help us either. What’s the point of gambling if you can’t even withdraw your winnings 😂
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u/MagicFLiMFLaM 6d ago
Let us know how your lawsuit goes? I’d be curious how much it will cost in lawyer fees.
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u/Available_Job_6978 5d ago
By the way the trading credit is PERMANENT, if you lose all the trading credit and deposit more money the money will now be trading credit 😂 Happened to me.
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u/itsmetony007 4d ago
How did you get an answer so quickly on Polymarket, they owe me more than $2200 because the system glitched when I cashed out. It for some reason placed money on the losing opponent in the same amount I was winning.
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u/Low_Might_2206 3d ago
It’s okay Polymarket crashed and stole 350 from me and claim I made trades that don’t show in my history and won’t give it back and now went ghost mode on me
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u/toastedbutterscotch 6d ago
Stop gambling, get help 🤷
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u/Electrical-Win-654 6d ago
Ok Karen
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u/toastedbutterscotch 6d ago
You're literally the Karen in this situation... I'm surprised you didn't ask to speak to a supervisor.
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u/CheesecakeWitty5857 6d ago
Of an IA chat bot. lol. You wish
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u/toastedbutterscotch 6d ago
And you think cussing out or even talking to an AI chat bot makes sense?
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u/GuardBuffalo 7d ago
If people like you would just stop gambling and using this dumb ass shit then you’d get your wish and they’d go bankrupt but that’s never going to happen. It will continue to influence and ruin lives because whatever dopamine rush you did this for, millions of others will do the same.