Polymarket Reaches $100M Monthly Volume as Presidential Bets Increase

Polymarket, a decentralized predictions platform, has reached a monthly trading volume of $100 million amid increased betting on the 2024 U.S. presidential election.

Currently, $203.3 million in bets have been placed on the election outcome across 17 prediction markets.

#Polymarket hit $100 million in monthly trading volume in June as the U.S. presidential election approaches.

Bets on the election total over $200 million, with Donald #Trump leading the odds at 62%, followed by Joe #Biden at 21%.

Other markets, including whether Biden will… pic.twitter.com/DPl2fkOTSQ

— TOBTC (@_TOBTC) July 1, 2024

Former President Donald Trump leads with 62% odds and $24.7 million in bets.

Incumbent President Joe Biden has $23.9 million in bets, but his odds have dropped to 21% after a poor debate performance.

Other candidates, including Gavin Newsom, Kamala Harris, and Michelle Obama, have seen increased odds.

There is also significant betting on whether Biden will drop out, with 43% odds for him dropping out of the race and 9% odds for him dropping out by July 4.

🔮 Polymarket surpassed $100 million in monthly trading volume in June as anticipation builds around the outcome of the US presidential election.#Polymarket #Electionhttps://t.co/RlAG5zWbnL

— Cryptonews.com (@cryptonews) July 1, 2024

Additionally, bets have been placed on Kanye West and Elizabeth Warren, though their chances are less than 1%.

Polymarket, which operates on Ethereum’s Polygon sidechain, saw its trading volume rise from $38.9 million to $109.9 million between January and June.

The platform has also raised $70 million, backed by Ethereum co-founder Vitalik Buterin and Founders Fund.

About The Author