- There has been a total of $24.7 million wagered on the US presidential election.
- In June, the trading volume of Polymarket surpassed $100 million for the first time.
Participants increased their wagers on the outcome of the US presidential election in June, driving the monthly trading volume of the decentralized predictions platform Polymarket above $100 million. Individual “Yes” or “No” bets across 17 prediction markets total $203.3 million in “Presidential Election Winner 2024” currently.
There has been a total of $24.7 million wagered on the US presidential election, with former president Donald Trump presently sitting atop the odds with 62%.
U.S Election Frenzy
Second with $23.9 million on the possibility of another term for incumbent Joe Biden. But after his unimpressive showing in the first presidential debate on June 28. Those odds have dropped from 34% to 21%.
Moreover, politicians questioned if Joe Biden should withdraw from the presidential contest. Which increased the chances in favor of Democratic candidates Gavin Newsom, Kamala Harris, and Michelle Obama. Furthermore, millions of dollars have been wagered on various election-related betting markets.
A surge in “Yes” bets on “Biden drops out of presidential race” and “Biden drops out by July 4” markets, with 43% and 9% of the total, respectively, has been prompted by Biden’s recent performance in the debates. There have been wagers in such markets totaling over $10 million.
Also, markets have placed millions of dollars on the possibility that American rapper Kanye West or crypto skeptic Elizabeth Warren may become president. Although their odds are now less than one percent.
Dune Analytics data shows that in June, the trading volume of Polymarket, an Ethereum sidechain built on Polygon, surpassed $100 million for the first time. There was a 620% rise in trading volumes from August to December 2023 to January–May. With volumes ranging from $38.9 million to $63 million.
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