Polymarket bettors wager on the outcome of the United States presidential election is now a “tossup,” the crypto predictions platform said in an August 7 post on the X platform.
Current betting odds show Republican candidate Donald Trump leading slightly with 51%, while Democratic nominee Kamala Harris trails closely at 48%. This marks a significant shift, as Trump had maintained a stronger lead since June.
Users of Polymarket, a decentralized prediction market platform, can wager with cryptocurrency on the results of actual events. The figures are based on live bets on the platform totaling over $500 million that were made in an attempt to predict the outcome of the US presidential election in November.
Users have bet nearly $67 million on Trump and about $54 million on Harris to win the U.S. presidential election, according to Polymarket. Additionally, $46 million is staked on a 1% chance that Michelle Obama could become president.
President Joe Biden’s announcement on August 6 that he would not seek reelection caused the odds to reverse, and Harris became the Democratic nominee.
In July, Trump’s advantage against Biden grew significantly in national polls as concerns about Biden’s suitability for another term arose following a lackluster debate performance. After Biden retreated and backed Harris, that tendency abruptly changed.
Amidst a flurry of on-chain speculation around the US elections, Polymarket emerged as a prominent cryptocurrency betting marketplace. Polymarket’s total betting volume surpassed $1 billion in July and is currently above $1.1 billion.
While it primarily focuses on political predictions, the platform also covers crypto, sports, business, and the 2024 Olympics. Future plans may include implementing fees as the platform continues to expand.
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