2024 U.S. Presidential Race Betting Volume Exceeds $2 Billion

The betting volume for the upcoming 2024 United States presidential race surpassed $2 billion on the decentralized prediction platform Polymarket.

In just 23 days, the prediction market for candidates Kamala Harris and Donald Trump accumulated $1 billion, after initially crossing the first billion on September 24. As of October 17, the Republican candidate, Trump, holds nearly $608 million in betting volume with a 62.3% chance of winning. In contrast, Democratic candidate Harris has $405 million with winning odds of 37.5%.

The U.S. presidential election scheduled for November 5 has been a significant factor in Polymarket's growth, with the election just 19 days away. So far in October, Polymarket's monthly volume soared 113.7% to reach $1.14 billion, compared to $533.5 million in September, according to The Block's Data Dashboard.

Polymarket had previously raised $45 million in Series B funding in May, with plans to secure an additional $50 million and potentially launch its own token.