A small fraction, only 19%, of gamblers wagering on spot Ether (CRYPTO:ETH) ETF (exchange-traded fund) approvals are hopeful for a positive outcome for ETH ETF applicants by the end of May.

These gamblers are laying their bets on crypto gambling platforms like Polymarket, trying to predict whether the United States Securities and Exchange Commission (SEC) will give the nod to a spot Ether ETF before May 31 expires.

The betting scene is largely skewed towards skepticism, with approximately 81% of the $2.4 million staked so far betting against the approval of a spot Ether ETF within this timeframe.

This activity highlights the speculative environment surrounding cryptocurrency-related regulatory decisions and the eagerness of the market participants to place monetary bets on these outcomes.