Polymarket Sees $100 Million Volume as US Presidential Race Heats Up

Decentralized predictions platform Polymarket marked $100 million in volume in June, mainly facilitated by the US presidential election. Over $204 million worth of bets exist on who is going to become the US president come November. A considerable number of bets amounting to that sum came in June as more high rollers made their plays and existing ones increased their bets.

The “Presidential Election Winner 2024” market lists the obvious options democrat nominee US President Joe Biden and republican nominee Donald Trump. It also lists Democrats Gavin Newsom, Kamala Harris, Michelle Obama, Libertarian Robert Kennedy Jr, and ‘Other Democratic Politician.’

Users bets for and against range $24.78 million on Trump, $24.09 million on Biden, $11.51 million on Obama, $10.37 million on Kennedy, $9.96 million on Newsom, $9.91 million on Harris, $9.46 million on ‘Other Democratic Politician.’

Trump tops the list by the number of people believing him to win the presidential elections, with 63% odds of victory on the platform. Biden holds 18%, which dropped from around 34% after the recent presidential debate.

Odds for democratic candidates apart from Biden rose as many feel he should drop out after his questionable performance in the debate. Other markets like “Biden drops out of presidential race?” and “Biden drops out by July 4?” have tens of millions in bets.

Polymarket’s trade volumes hit about $109 million this past month, crossing $100 million for the first time thanks to the presidential elections. Its usage has increased tremendously, marking a 620% rise this year, between January and May, compared to the period between August and December last year. The platform’s total value locked (TVL) has also surged by 69% in 30 days, amounting to $40.2 million worth of assets.

Beyond the elections, users are known to interact big with prediction markets revolving around crypto prices and, more recently, the UEFA Champions League. A lot of its volumes are also a result of that.

Image by Pete Linforth from Pixabay

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