Polymarket Nears $1 Billion in Bets on 2024 Presidential Election

Polymarket Nears $1 Billion in Bets on 2024 Presidential Election

The decentralized prediction platform Polymarket is approaching $1 billion in total bets placed on the outcome of the 2024 U.S. presidential election. Currently, nearly $900 million has been wagered on the race, with U.S. Vice President Kamala Harris leading in betting odds at around 50% and attracting over $127 million in bets. Close behind is former President Donald Trump, who holds a 49% chance of winning and has garnered nearly $144 million in bets.

Initially, Trump was ahead of Harris in the Polymarket betting pool. However, Harris overtook Trump on August 12, when the total market value was $572 million, as reported by The Block.

Polymarket's prediction markets extend beyond candidate probabilities, also exploring other election-related topics, such as the chances of Trump mentioning "crypto" or other terms during debates. Notably, cryptocurrency was not discussed during the September 10 debate between Trump and Harris.

The 2024 election has significantly fueled Polymarket's recent growth, with August recording the platform's highest-ever numbers for active traders and monthly trading volume—63,620 traders and $472.84 million, respectively. As of September 13, the platform's cumulative trading volume reached $1.75 billion.