Polymarket Sees Presidential Election Bets Exceed $1 Billion

Polymarket Sees Presidential Election Bets Exceed $1 Billion

The decentralized prediction market Polymarket has reported that total wagers on the outcome of the 2024 U.S. presidential election have surpassed $1 billion. This total reflects the combined bets placed by users on various potential candidates for the presidency.

Currently, Vice President Kamala Harris is viewed as the frontrunner, with bettors assigning her a 51% probability of winning, supported by approximately $154 million in wagers. Close behind is former President Donald Trump, who has attracted around $163 million in bets and is considered to have a 48% chance of securing victory in the upcoming election.

Additionally, users have wagered $65 million on other Republican candidates, despite these options being assessed at only a 1% likelihood of winning. Other potential contenders, including Democratic figure Michelle Obama, Republican Nikki Haley, and Robert F. Kennedy Jr., have also received some financial backing, though with low odds of success.

As of September 24, the total betting pool for the presidential election reached $1,000,122,251. Most of the activity centers around predictions related to the November 5 election, with significant markets also forming around the popular vote outcome—where Kamala Harris leads with $225 million in bets—and which state will serve as the election's tipping point, with Pennsylvania receiving $2.3 million in wagers.

The growing interest in Polymarket has significantly boosted the platform's profile this year, resulting in a $45 million fundraising round in May. The platform is also exploring a token launch aimed at raising an additional $50 million