One of the major stories of this election cycle has been the advent of gambling markets.
Of all the betting sites its Polymarket thats drawn the most attention.
Billing itself as thefuture of news, the crypto-based Polymarket takes bets on events with binary outcomes.
A Polymarket in the Brooklyn borough of New York, US, on Monday, July 22, 2024.© Michael Nagle/Bloomberg via Getty Images
Will Trump or Harris win the Presidential election?
you might buy shares of that for under a dollar.
If your pick wins, you collect the difference on every share.
How does Polymarket decide when that particular market is closed?
When can the gamblers breathe a sigh of relief and count their earnings or begin to tally the losses?
There are two new bets available on Polymarket and they both close on January 20, 2025.
As of this writing, the bet has only generated about $60,000 in volume.
Its been a daunting, grueling, and stupid few years.
But its likely that this wont be over today.
This election may drag out for days or even months.
Ballots will be counted and recounted.
Trump, who never admits defeat, has already been laying the groundwork to challenge the election results.
Polymarket is counting on that and allowing gamblers to place bets on whats going to happen.
And some people have put a lot of money on Trump already.
But massive trades hit the site and pushed the odds in Trumps favor at the beginning of October.
The reasons arewash tradingandwhales.
The Wall Street Journal figured out that four big betters had swung Polymarkets odds in Trumps favor.
Hes bet more than $30 million on Trump to win the presidency.
If he wins, he gets $80 million.
If he loses, its all gone.
For people watching the election in America, the stakes feel much higher than that.
News from the future, delivered to your present.
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