Some Bettors With Longshot Wagers on the New Pope Made a Killing
Tens of million of dollars were bet on who would lead world’s Catholics, a practice frowned upon by the Church.
If people had been smart or lucky enough to have picked Robert Prevost of Chicago to be the next pope, they’d have made a mint.
The new pope was a 66-to-1 longshot, with his name not even appearing on most lists of contenders. Less than 1 percent of the more than $40 million in bets placed on the selection of the pope at just two bookie sites before the white smoke was seen were wagered on Leo XIV, according to one site.
But at least six bettors pulled down huge winnings, profiting at least $20,000 with wagers on the new pope, according to Polymarket. “Leading those winners was a whopping $63,650.65 profit off of a $1,059.52 bet from a user named ‘JustPunched,’ a more than 6,000% return on investment,” Forbes reported.
Regulated betting sites in America do not offer wagers on the next pope, while offshore betting platforms allow it.
Some Catholic officials have criticized such wagering as inappropriate and unseemly.
The betting site Kalshi said one bettor won a $52,641 payout off of a $526 wager.
Both sites put Cardinal Prevost’s odds at being selected pope at less than 2 percent.
On the other side of the equation, at least nine bettors lost $10,000 or more betting on the favorite, Italian Cardinal Pietro Parolin.
