As anticipation builds for the 2024 U.S. presidential election on November 5, Polymarket’s winner prediction market volume has surged to $3.2 billion.

This milestone reflects intense interest in the election’s outcome and indicates strong confidence among Polymarket bettors in Donald Trump’s chances against Kamala Harris.

According to Polymarket data, Trump currently leads with a 58.3% predicted probability of victory, while Harris holds 41.8%. Betting on Trump has been particularly intense, reaching $1.279 billion in volume compared to $804.7 million for Harris.

In a striking move, one high-stakes bettor has wagered over $15 million on Trump. This decision sparked extensive discussions online, capturing the attention of prediction market enthusiasts and political commentators alike.

“This $15 million bet on Trump on Polymarket isn’t just high-stakes — it’s a vote of confidence in the direction America truly wants… From the historic turnout at rallies to the red wave that’s sweeping across polls, every signal points toward a rejection of the current administration’s policies,” one X user commented.

Read More: How To Use Polymarket In The United States: Step-by-Step Guide

For anyone willing to put down $15 million, it suggests that they see Trump’s real grassroots support and the energy he has brought to this race. The bold move suggests that some bettors believe strongly in Trump’s support base and see his odds as misrepresented by mainstream narratives. Nevertheless, whether the gamble pays off remains to be seen.

Recently, the prediction market’s team clarified its payout process to ensure transparency. The winning market will resolve when three major news networks — the Associated Press, Fox News, and NBC News — all call the race for the same candidate.

“In the unlikely event there is no consensus by January 20, 2025 (inauguration day), the market will resolve based on who is inaugurated,” Polymarket shared on X.

The post helped promote clarity for participants even in the event of prolonged election disputes.

Meanwhile, Polymarket’s platform has experienced explosive growth in the run-up to the election. This was driven largely by user interest in the high-stakes political climate. Between September and October, the platform’s trading volume spiked by an impressive 368%, culminating in a record $2.5 billion for October alone.

The increase in monthly trading volume mirrors how the 2024 election has fueled engagement on Polymarket. Many are eager to place bets on the outcome amid an unpredictable political playing field.

In August, Bloomberg integrated Polymarket data into its Terminal, a significant step toward mainstream adoption. This addition brought prediction markets closer to traditional financial data sources, which could encourage institutional investors to explore this alternative asset class. Indeed, it set the pace for Robinhood Derivatives to introduce event contracts in late October, reflecting the growing interest in prediction markets.

Despite Polymarket’s rising popularity and high bettor activity, the platform has faced challenges. Notably, Trump’s strong showing on Polymarket has stirred controversy, with reports indicating that some of his trading activity may involve wash trading— artificially inflating volume and perceived support.

This revelation has raised concerns that Trump’s apparent lead on Polymarket may be exaggerated. In response to fears of manipulation, Polymarket has tightened user checks, implementing audits on accounts displaying unusual betting patterns, especially those linked to Trump’s odds. Despite criticism questioning its neutrality in the election, Polymarket has consistently denied any bias.

The platform’s surge in activity has also attracted regulatory scrutiny, with agencies like the Commodity Futures Trading Commission (CFTC) increasingly focusing on prediction markets. Recently, the CFTC moved to halt similar platforms, such as Kalshi, underscoring the regulatory challenges these markets encounter.

Read More: What is Polymarket? A Guide to The Popular Prediction Market

The coming hours will reveal whether the heavy bets and unprecedented activity on Polymarket reflect real political trends or a temporary burst in speculation. Regardless, the platform’s rapid growth illustrates the changing space of political forecasting, where prediction markets play an increasingly central role.

The post Polymarket Betting Boom Tops $3 Billion in Trump vs. Harris Race appeared first on BeInCrypto.

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