Polymarket's $3.2 Billion Election Bet: How Prediction Markets Outpaced Polls

The cryptocurrency-based platform accurately predicted Trump's victory over Harris, showcasing the growing influence of prediction markets.

Polymarket users wagered $3.2 billion on the 2024 presidential election, heavily favoring Donald Trump over Kamala Harris.
Despite polls showing a tight race, prediction markets like Polymarket, Kalshi, and PredictIt leaned towards a Trump victory, which proved accurate.
Polymarket's CEO, Shayne Coplan, highlighted the platform's predictive power, attributing its success to 'the wisdom of the crowd.'
Concerns arose over potential market manipulation by large investors, but experts argue that collective betting balances the odds.
The success of prediction markets in this election reignites debates over their reliability compared to traditional polling methods.