With Americans soon to take to the polls in tomorrow’s highly anticipated U.S. presidential election, former president Donald Trump and Vice President Kamala Harris are becoming increasingly neck and neck as Polymarket, a popular crypto-based prediction platform, pits the pair against one another as votes are cast.
Polymarket data shows a tightening race between two candidates. After Joe Biden’s gains on October 30, Trump was at 67% and has slogged down to 57%, a sign of true grim. Harris, meanwhile, has seen a gain, her odds rising from 33.1 percent to 43 percent over the same period.
Polymarket’s Role in 2024 Election Betting
As election day approaches, the platform allowing decentralized betting on cryptocurrency is receiving a lot of attention. With the total market for bets on the outcome of the presidency now over $3 billion, it’s clear that gamblers are showing no preference. Trump, who leads with $1.2 billion staked, is followed by Harris, whose $772 million in backing made her the favorite.
Analysts say that recent events, including technical problems with Trump’s microphone during a Milwaukee rally, could be reasons that betting odds are changing. WhaleWire analyst Jacob King notes that crypto fandom may have helped send Trump’s odds of winning the 2024 presidential election soaring, suggesting that Trump’s historically ‘crypto-friendly’ position has likely influenced his popularity on Polymarket, the platform popular with crypto enthusiasts.
Yet, they still haven’t addressed the issues about the technical accuracy and impartiality of Polymarket. The last piece of low-hanging fruit was a recent article in *The New York Times*, confirming platform neutrality is over. They called the platform ‘partisan.’ Polymarket CEO Shayne Coplan quickly responded to these claims, saying his platform is a ‘crypto powered gambling’ platform built on a decentralized network. Polymarket is transparent: as third-party users, one can see the trading data and join in on the action according to how they see fit.
As it was a foreign U.S.-operated platform, Polymarket is outside the country and functions as a crypto-based betting platform for world events. All eyes will now be on the polls tomorrow for Trump versus Harris for the country’s top job, but whether the platform’s predictions come true remains to be seen.
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