o everyone’s surprise, the political race between Donald Trump and Kamala Harris has created a record turnover for the Polymarket betting platform, which has reached a record of $445 million and $1 billion in trading volume in July thanks to bets.
Surge in Betting Activity
According to Dune Analytics, With regard to betting volumes, July reached approximately $1 billion, up from around $670 million in June. This has been mainly due to activities done in relation to the U.S. presidential elections and people betting big when they saw the possibility of a Trump Vs Harris encounter.
The Dynamics of the Platform and User Interaction
Polymarket is the largest betting platform for prediction markets. While offering around 1,000 betting outcomes, it is still unavailable for US citizens, unless they use a VPN and crypto as a means of payment. The platform has made possible betting on multiple international and political events, particularly interested in the U.S. presidential election after the noticeable political events such as the rise of Harris as the possible Democratic nominee and the assassination attempt on Trump.
Betting trends and the political consequences
After Biden decided to withdraw from the elections, Kamala Harris took over, boosting the democrats chance to win elections. However Trump still remains at the forefront with a higher probability of winning by 59% according to poly market data. The platform provides even more specific data such as information about state by state predictions and the overall forecasts of elections
New Record-Breaking Betting Underscore the Polymarket
The exceptionally high stake in Polymarket proves the demand for and importance of prediction markets in capturing people’s opinions and potentially, election results as people are not only voting with their voice, but backing it up with their own money, which makes it more relevant and accurate.
