In November, voters in the U.S. could be tasked with voting in a rematch of the 2020 election with Donald Trump and Joe Biden the expected candidates to win their party’s nomination for the 2024 presidential election.
While many people in the U.S. can’t bet on the outcome of the 2024 election, a cryptocurrency prediction market has odds and bets ready to go.
What Happened: Crypto prediction market Polymarket offers betting on items in categories such as politics, Middle East, sports, cryptocurrency, pop culture, business and science.
One of the most popular betting markets of all time on Polymarket was wagering on whether a Bitcoin (CRYPTO: BTC) ETF would get approved by Jan. 15.
The crypto native betting market saw over $11 million wagered on the prediction of a Bitcoin ETF getting approved.
Another popular betting option is the 2024 election. Bettors can wager on items such as the 2024 Republican nominee, 2024 Democratic nominee, general 2024 election, winners of state primaries and more.
To date, the 2024 Republican nominee and 2024 presidential election are two of the biggest markets on Polymarket with $5.9 million and $4.7 million wagered, respectively.
On Polymarket, users deposit to Polygon (CRYPTO: MATIC) using USDC (CRYPTO: USDC) and can deposit with Ethereum (CRYPTO: ETH) or from crypto accounts on Coinbase, Robinhood or PayPal, according to the company’s guides.
Each betting market cashes out at $1 for the option that ends up being the winner.
The current odds for the Republican nominee in the 2024 election are:
Donald Trump: 86 cents
Nikki Haley: 12 cents
Vivek Ramaswamy: 9.9 cents
Ron DeSantis: 6 cents
The current odds on Polymarket for the 2024 presidential election are:
Donald Trump: 47 cents
Joe Biden: 34 cents
Nikki Haley: 5 cents
Gavin Newsom: 4.1 cents
Robert F. Kennedy Jr.: 2.7 cents
An election guide from Polymarket currently lists Trump with a 98% chance to win the 2024 Republican nomination and a 76% chance for Biden to win the 2024 Democratic nomination. For the 2024 presidential election, Polymarket betting implies a 49% chance that Trump wins and a 33% chance that Biden wins.
Related Link: Trump Vs. Biden: Former President’s Lead Falls In 2024 Election Poll, Biden Hits Record High Among Democratic Voters
Why It’s Important: Polymarket calls itself “the world’s largest…
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