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Polymarket tops $1B in betting volume amid US election hype
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2024-07-30 09:07:05
Tom Mitchelhill8 hours agoPolymarket tops $1B in betting volume amid US election hypeMore than one-third of the platform’s lifetime volume was traded in July, with speculators betting hard on the US presidential race.3035 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCrypto betting platform Polymarket has surpassed $1 billion in trading volume, with more than one-third of the volume brought on by wagers in just the last thirty days.
Polymarket witnessed $343 million in betting volume as of July 30, a significant step up from $111 million in June and $63 million in May, according to data from Dune Analytics.Polymarket surged to top $1 billion in lifetime betting volume. Source: Dune Analytics
Fevered speculation over the United States presidential election has been the primary driver of the record volume.
To date, over $429 million has been wagered on which presidential candidate will clinch an election victory on Nov. 4, with Donald Trump still commanding a strong lead at 60% odds.
Vice President Kamala Harris has closed the gap on Trump, moving from a 1% chance to 38% following Biden’s sudden move to drop out of the race.$429 million has been wagered on who will win the upcoming election. Source: Polymarket
While Polymarket has been used primarily for speculating on the outcome of political events, the platform also features prediction markets for crypto, sports, business, and most recently, the 2024 Olympic games.
Related:Polymarket monthly volume hits $100M as presidential race heats up
On May 14, Polymarket closed a $70 million Series B funding round led by Peter Thiel’s Founder Fund which also included contributions from Ethereum co-founder Vitalik Buterin.
The betting market recently partnered with payments platform MoonPay on July 24, enabling debit and credit card payments in a bid to make its onboarding process easier, particularly for users outside of crypto.
In a bid to capitalize further on the growing financial speculation of US politics, Polymarket brought on election analyst and statistician Nate Silver as an adviser on July 16.
Despite being used almost exclusively for US-based events, Polymarket is unavailable to American users.
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