Bets on US elections boost Polymarket’s growth

Over 12,800 Polymarket users have placed $59.2m on various markets related to the 2024 US presidential race

Polymarket, a prediction markets platform that offers bets on future events, has reached a new milestone. Trade volume and active traders have never been higher as bettros’ interest continues to swirl around the 2024 US election.

In May alone, over $59.2m was traded on Polymarket with more than 12,800 traders involved. This represents a significant jump from previous months as April saw just $38.9m in volume, as reported by Unchained. The growth is noteworthy considering no month broke $12m in 2023.

The surge in activity can be traced back to Polymarket’s top five prediction markets that are heavily connected to US politics and its outcomes. These markets hosted on the Polygon blockchain network have seen $234.1m wagered on them combined.

Some of the most popular bets include who will win the presidential election in 2024, who will be nominated by the Democratic party, and what will be the margin of victory in the presidential elections.

Carlos Mercado, a data scientist at Flipside Crypto, said that Polymarket succeeded by being able to aggregate public sentiment effectively but also noted that it was user-friendly for people looking to express their beliefs about different things.

It has become increasingly clear how much convergence there is between traditional polling data and betting markets.

Notably, Polymarket bettors recently predicted accurately the outcome of the trial against former US president Donald Trump who was deemed guilty of 34 counts of felony in connection to the hush money scheme around Stormy Daniels. 76% of Polymarket bettors had guessed that Trump would be convicted.

Following the trial outcome, a new betting market emerged on Polymarket, which is set to predict whether Trump will face imprisonment before the presidential election in November. The chance of that happening is now only 17%, down from 25% earlier this month, according to Polymarket users. This question has attracted more than $897,000 in bets – a sign of both intense interest and significant financial stakes.

According to another prediction made through Polymarket, Donald Trump stands over a 54% chance of coming back into power again despite the legal battles and potential imprisonment.

In other recent news, Polymarket raised $70m in funding in two separate rounds. Among the investors were Peter Thiel's Founders Fund, Ethereum co-founder Vitalik Buterin, Airbnb co-founder Joe Gebbia, Dragonfly Capital and Eventbrite co-founder Kevin Hartz.

Looking for your next crypto casino? Check out Mega Dice or FortuneJack!

Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

Similar News