The drama in the United States Presidential Elections has gotten the world tuned in, and those who make money out of anything are specially tuned to make bets. Among the many popular crypto friendly political betting sites, Polymarket has become a widely observed website for bets on political figures and geopolitical events. Since the United States campaigns began, Polymarket bets have been in favor of Donald Trump against Joe Biden and in favor of Republicans against Democrats.
Kamala Harris leads in political conversations
Polymarket odds have begun to change. Kamala Harris has recovered the gap lost by Joe Biden. Now, some of these odds favor Kamala and the Democrats. U.S. Senators are now calling on the CFTC to ban betting in the November 2024 presidential election.
Five U.S. Senators and three House representatives are calling on CFTC to ban betting on the 2024 presidential election. In an Aug. 5 letter to the Commodity Futures Trading Commission Chair, Rostin Benham, they claim that such markets “could influence and interfere with elections and further erode public trust in democracy.”
“Allowing billionaires to wager extraordinary bets while simultaneously contributing to a specific candidate or party, and political insiders to bet on elections using non-public information, will further degrade public trust in the electoral process.” Letter to CFTC
The “Presidential Election Winner 2024” bet on Polymarket has a $506,629,088 bet, and Donald Trump leads with a 52% chance. His bet has $64,571,842 tied to his win, and his odds have been down 12% in a month. Kamala Harris has a 45% chance against Trump to be POTUS.
Also, Kamala Harris is expected to announce her running mate today. Polymarket predicts she will pick Josh Shapiro, the governor of Pennsylvania. The “Democratic VP nominee?” on Polymarket carries $119,964,178, giving Shapiro a 64% chance at $14,589,564 against Tim Walz.
