The United States Presidential race is heating up, with democratic candidate and current Vice President Kamala Harris recently overtaking former President Donald Trump on the crypto gambling platform Polymarket. In total, crypto enthusiasts have poured more than $592 million into betting on the outcome of the US Presidential election – but what’s driving this demand?
More Than $500 Million Bet On 2024 US Presidential Election, Per Polymarket
According to Polymarket betting data, there’s currently a 7% gap between Kamala Harris and Donald Trump. Former President Trump, who was enjoying a sizable lead over current President Joe Biden before he dropped out of the race, is trailing Harris with a 45% chance of becoming the US President in the 2024 election.
Harris, who has been on the campaign trail for less than one month, has overtaken Trump with a 53% chance of winning. Although odds are in favor of a Harris win, more total volume in cryptocurrency has been added to Trump’s Presidential bid on the platform. Polymarket data reveals that more than $74.6 million in crypto has been spent on Donald Trump, compared to just $64.8 million on Harris.
Polymarket is a “decentralized prediction market platform that allows users to place bets on world events,” per Wikipedia. Bets are made in USDC cryptocurrency and markets include pop culture topics, political outcomes, even betting on if Russia resorts to using nuclear force in the Russia-Ukraine war. New markets appear regularly, with among the latest added focusing on if there will be a Monkeypox pandemic in 2024 following a string of reported cases worldwide.
Online Gambling To Grow By $36 Billion Over Next Five Years
Online gambling has seen record growth over the last several years according to Statista, with the trend showing no signs of stopping anytime soon. In the United States alone, online gambling revenue is expected to reach US$97.70bn in 2024. Using a projected annual growth rate (CAGR 2024-2029) of 6.46%, the projected market volume in the US will be $133.60bn by 2029.
The boost in the online gambling market has been driven primarily through growth in online sports betting and in online casinos. Companies such as https://cryptocasino.ltd/ are catering to this growing, dynamic audience by offering a complete Bitcoin and crypto casino, as well as a sportsbook providing a suite of sports betting opportunities. Games include a Bitcoin roulette, Bitcoin poker, and much more.
Combined with ongoing adoption in the cryptocurrency market, online gambling related to digital assets and crypto casinos should see a parallel increase over the coming years.
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