The betting volume for the 2024 U.S. presidential election on Polymarket, a decentralized prediction platform, recently crossed the $2 billion mark.
As of October 17, Trump leads the market with approximately $608 million in bets and a 62.3% chance of winning, while Harris has amassed $405 million in betting volume with 37.5% winning odds.
The rapid surge in betting activity followed Polymarket’s earlier milestone of crossing $1 billion in volume on September 24. The second billion was achieved in just 23 days, a significant acceleration compared to the platform’s previous growth rate.
Polymarket’s prediction market has grown substantially in October, with a 113.7% increase in volume compared to September’s $533.5 million. The platform’s volume for October reached $1.14 billion by mid-month, reflecting increased political betting as the November 5 election nears.
This election cycle has been a major driver of growth for Polymarket, which also raised $45 million in Series B funding earlier in 2024 and has plans to raise another $50 million, along with potential plans to launch its own token
The platform has gained significant attention due to endorsements from figures like Elon Musk, who praised its predictive accuracy over traditional polls.
Musk has also donated nearly $75 million to the America PAC, a pro-Republican group supporting Donald Trump in the 2024 U.S. presidential race. He has publicly endorsed Donald Trump for the 2024 U.S. election, even joining him at a rally in Butler, Pennsylvania, where he referred to himself as “Dark MAGA.”
The Polymarket odds currently suggest that Trump has a clear lead over Harris, but the race remains dynamic, and both candidates’ stances, particularly on issues like cryptocurrency, are influencing voter sentiment.
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