- Polymarket surpasses $1 billion in trading, driven by US election betting surge.
- Trump leads with 57% odds; Harris’s odds rise to 40% after Biden’s withdrawal.
- Series B funding of $70 million and MoonPay partnership boost Polymarket’s platform growth.
Polymarket, a leading crypto betting platform, has achieved a significant milestone, surpassing $1 billion in trading volume.
This surge has been largely driven by intense speculation surrounding the upcoming United States presidential election.
Donald Trump leading with 57% odds
According to Dune Analytics, Polymarket’s bet trading volume reached $1,051,670,878 million by July 31, a substantial increase from $111 million in June and $63 million in May.
The majority of this activity has been fueled by wagers on the US presidential election set for November 4, with over $458 million bet on the outcome so far.
Currently, former President Donald Trump holds a strong lead with 57% odds, while Vice President Kamala Harris has seen her odds improve significantly to 40%, following President Biden’s unexpected withdrawal from the race.
Polymarket has grown considerably but remains unavailable to American users
While Polymarket is predominantly used for betting on political outcomes, the platform also offers markets on a variety of topics, including cryptocurrency, sports, business events, and the 2024 Olympic Games.
The platform’s growth has been further bolstered by a $70 million Series B funding round led by Peter Thiel’s Founder Fund on May 14, with participation from Ethereum co-founder Vitalik Buterin.
To make the platform more accessible, Polymarket partnered with payments platform MoonPay on July 24. This collaboration enables users to make deposits using debit and credit cards, streamlining the onboarding process for those outside the cryptocurrency community.
Adding to its credibility and expertise, Polymarket enlisted election analyst and statistician Nate Silver as an adviser on July 16.
Interestingly, despite its focus on US events, Polymarket remains unavailable to American users.
With its diverse range of prediction markets and a growing global audience, Polymarket continues to thrive as a leading destination for speculative betting, attracting users keen on a wide array of topics.