Polymarket's Prediction Market Soars Amidst
2024 Debate Night Speculation, Biden's Odds Plummet in
Real-Time
NEW
YORK, July 2, 2024 /PRNewswire/
-- Polymarket, the world's largest prediction market, hit an
all-time trading volume high in the month of June. The platform saw
over $100M of predictions made,
taking its total for the year to over $360M. On the day of Thursday's U.S. presidential
debate, Polymarket saw >$8M of
predictions made and now holds over 85% market share of election
betting worldwide.
While stock markets remained closed and polls were yet to be
conducted, Polymarket captured immediate, massive shifts in public
sentiment around the general election and Democratic
nomination:
- Throughout the course of the debate, Biden's odds of winning
the 2024 presidential election plummeted from 34% to 22%, while
Trump's skyrocketed to 64%.
- Biden's odds of dropping out of the race surged from 22% to
43%.
- Increasing speculation around Democratic challengers also
garnered traders' funds and attention, with odds that Gavin Newsom steps in for Biden climbing to
6%.
Polymarket didn't just report on the debate; it became a crucial
part of the experience. While commentators and pollsters alike
scrambled for clarity, Polymarket's data provided a source of
truth. The internet took note, as various voices and personalities
declared Polymarket the "winner of debate night," while major
publications included insights in their reporting.
Unlike social media feeds influenced by algorithms and media
outlets with potential biases, Polymarket's numbers are derived
from the trading activity of people with varying perspectives,
synthesizing information available to them. This collective input
created an unbiased and honest reflection of public perception
during an unprecedented historical moment, grounded in financial
stakes.
"Seeing Polymarket become the de facto source being cited and
discussed during the debate was a humbling experience," said
Polymarket CEO and Founder, Shayne
Coplan. "As price movement on Polymarket became synonymous
with the impact of the debate itself, the benefits of having
prediction markets on politics were underscored to millions of
people following along in real-time. Polymarket's ability to make
instant sense of breaking news proves that, as we reach critical
mass, truth is now more accessible than ever."
In an era where political noise is the norm and unbiased
transparency is nearly impossible to come by, debate night
demonstrated that Polymarket is becoming a source of real-time
truth to spark informed discussions worldwide. As the 2024 election
grows closer, Polymarket will continue to ground politicians and
media outlets alike in reality from minute to minute.
About Polymarket
Polymarket is the world's
largest prediction market. On Polymarket, traders predict the
outcome of future events and win when they are right. As traders
react to breaking news in real-time, market prices are the best
gauge of the likelihood of events occurring. Institutions,
individuals, and the media rely on these forecasts to report the
news and better understand the future. Across politics, current
events, pop culture, and more, a record $360m worth of predictions have been made so far
on Polymarket in 2024.
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SOURCE Polymarket