Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Traders on the decentralized prediction platform, Polymarket, are forecasting a victory for former President Donald Trump in the 2024 U.S. presidential election. The odds currently stand at a 55% probability.
What Happened: A CoinDesk report revealed that traders have shown a bias towards Trump winning the forthcoming election. The “Presidential Election Winner 2024” contract’s Yes shares were being traded at 55 cents, which reflects a 55% likelihood of Trump’s victory.
Trump’s odds have been increased following his success in the first two Republican Party primaries.
Trump clinched a decisive victory in New Hampshire’s Republican primary on Jan.24, solidifying his lead in the race for the party’s presidential nomination and intensifying the prospect of a November face-off with Biden.
On the other hand, President Joe Biden’s chances of keeping his office are pegged at 38%. Other candidates like Nikki Haley and former U.S. First Lady Michelle Obama are long shots, with the projected odds of winning standing at 1% and 2%, respectively.
Why It Matters Since its inception in 2020, Polymarket has become a platform for punters willing to place bets on binary events. The 2024 presidential election contract alone has seen over $22 million in wagers, with Trump-specific predictions accounting for $3.4 million.
Polymarket operates as a decentralized betting platform. It handles all financial transactions in cryptocurrency and leverages the Ethereum (CRYPTO: ETH) blockchain to ensure that its operations are both transparent and automatic.
The contract is set to expire on November 5, and the Associated Press, Fox News, and NBC will act as resolution sources.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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