The odds of winning the U.S. presidential electionsโscheduled for tomorrow, Nov. 5โbetween former president Donald Trump and Vice President Kamala Harris are narrowing down.
According to data provided by Polymarket, Trumpโs election-winning odds plunged from its local high of 67% on Oct. 30 to 57% at the time of writing. Harris, on the other hand, saw her chances rise from a local low of 33.1% to 43% in the same timeframe.
As the elections come closer, the total amount of bets on the next U.S. president on the crypto betting platform Polymarket surpassed the $3 billion mark.ย
Trump is leading with a betting volume of $1.2 billion, followed by Harrisโ $772 million.ย
One of the main reasons could be the Republican candidateโs Milwaukee rally as Trump had technical issues with the microphone. Trump-themed meme coins also witnessed sharp declines, per the crypto.news report.
Is Polymarket accurate?
The accuracy of the market prediction platform has become a widely discussed topic. According to a crypto.news report, WhaleWire analyst Jacob King said that crypto enthusiasts would likely bet on Trumpโs win, turning the odds in the Republican runnerโs favor.
This is due to Trumpโs so-called crypto-friendly approach.
The New York Times, one of the most popular newspapers in the U.S., claimed that Polymarket is a partisan platform. However, this faced a quick reaction from the companyโs CEO Shayne Coplan, calling it nothing but a โcrypto-powered gamblingโ venue.
Coplan added that Polymarket is running on a decentralized network and allows third-party users to only bet and see the โtransparentโ trading data.ย
Polymarket has been operating outside the U.S. due to regulatory restrictions.
