Chris Curl,
Editor
Oct. 24, 2024
Betting markets continue to move towards former President Donald Trump winning the 2024 election.
The blockchain-based election betting site Polymarket has priced in a 61% chance of a Trump victory, breaking the 60% threshold for the first time since late July, days after President Joe Biden bowed out of the race.
Other prominent sites which allow users to wager money on the outcome of the election have shown similar shifts toward Trump: Betfair places a roughly 58% chance at a Trump win, Kalshi 57%, PredictIt 54%, and Smarkets 58%.
Election Betting Odds, which aggregates implied betting odds across the five major markets, gives Trump a 59% chance at victory, tilting in Trump’s favor by the widest margin since July 29, up from about 48% at the end of September.
Polymarket is a decentralized prediction market platform that enables users to trade on the outcomes of future events, essentially betting on real-world phenomena. It operates on blockchain technology, ensuring the process is transparent and trustless.
Users on Polymarket can buy shares in the outcomes they believe will come true, with the market prices indicating the collective probability as assessed by all traders. When an event concludes, the outcome is verified, and traders holding shares in the correct outcome receive payouts proportional to their stakes.
This mechanism allows for a wide array of prediction markets ranging from political elections to global events, fostering an ecosystem where information and speculation converge.
Polymarket leverages a unique blockchain to enhance the efficiency, scalability, and cost-effectiveness of its prediction marketplace. This integration allows Polymarket to process numerous transactions with minimal fees, a significant improvement over the high costs typically associated with many blockchains like Ethereum.
And the native coin of this blockchain is witnessing strong signs of growth.
Its association with Ethereum has led to weak price performance in recent weeks but I believe it is getting ready to take off now that Bitcoin is surging higher.
I’ll be covering this coin as well as others in my upcoming Call-in on October 30th.
In fact, I’m so confident about the future of the cryptocurrency market that I’m offering a free trial for a limited time.
That way you can read all of my materials, see my portfolio, and ask me questions live.
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Keep coming back,
Chris Curl
Editor, Daily Profit Cycle