Legal Election Betting Surges with Billions Wagered on Trump-Harris Race

A recent court ruling has spurred a boom in political betting, raising questions about its impact on democracy.

Prediction markets like Kalshi and Polymarket have seen a surge in activity following a federal court ruling allowing election betting.
Over $2 billion in cryptocurrency has been wagered on the 2024 presidential election, with significant bets placed on Donald Trump and Kamala Harris.
While some argue these markets provide a more accurate reflection of election outcomes, critics worry about potential manipulation and influence on democracy.
The Commodity Futures Trading Commission is appealing the court decision, maintaining that election betting is contrary to public interest.
Betting markets have gained attention in tech and finance circles, with prominent figures like Elon Musk endorsing their predictive accuracy over traditional polls.