The prediction market, Polymarket, has seen great activity recently. The platform posted more than $100 million in trading volume for June, including $8.2 million of that on the day that 2024 presidential candidates Donald Trump and Joe Biden debated.
Polymarket has been in the news recently especially since its betting volume started to increase in January. The platform’s betting volume in December 2023 was about $6.6 million. It jumped to $54.16 million in January. Monthly volumes have remained above $38 million since then, reaching $63.05 million in May.
Polymarket Sets Betting Volume Record with 2024 Election.
Bets on Polymarket topped $100 million in June and totaled around $111.56 million. The 2024 presidential Election has made Polymarket more prominent, with many of its top bets covering Election topics.
The largest current bets include:
Presidential Election Winner 2024
Democratic Nominee 2024
Will Biden Drop Out of Race?
Nominee for Republican VP.
Can Kamala Harris be the Democratic Nominee in 2024?
Polymarket posted $8.2 million in betting volume for the first 2024 presidential debate on July 2. It also said it now controls more than 85% of the global market share for election betting.
The CEO and founder, Shayne Coplan, said the company’s success was “humbling” to see Polymarket as a main source of information during the debate. He said the real-time price movements showed how prediction markets can benefit politics by bringing truth closer to millions of people following the news.
Polymarket Observes Growing Betting Volume.
According to Dune Analytics, Polymarket has placed 3,795,184 bets so far and has tallied a betting volume of $680.45 million. The platform has achieved $360 million in volume so far this year alone. This upward trend demonstrates the increasing role of prediction markets in public perception and engagement, particularly during major events like presidential debates.
As Polymarket expands in the betting landscape, its influence on political discourse is likely to grow as the election approaches. For many, prediction markets provide a live measure of public sentiment and an instrument for studying how different wagers play out.
