Polymarket trading volume tops $1 billion as US election betting surges; Trump leads at 57% odds, Harris odds rise to 40% as Biden withdraws; $70 million Series B funding and partnership with MoonPay fuel growth of Polymarket platform.
Polymarket, a leading cryptocurrency gambling platform, has reached a significant milestone by surpassing $1 billion in trading volume.
The surge was primarily driven by intense speculation surrounding the upcoming US presidential elections.
Donald Trump leads with a 57% chance
According to Dune Analytics, Polymarket betting volume reached $1,516,708,780 million through July 31, up from $111 million in June and $63 million in May.
Much of this activity is driven by betting on the US presidential elections scheduled for November 4, with more than $458 million so far being wagered on the outcome.
Former President Donald Trump currently holds a significant lead with odds of 57%, while Vice President Kamala Harris' odds have increased significantly to 40% following President Biden's unexpected withdrawal from the election.
Polymarket has grown significantly but remains unavailable to U.S. users
Polymarket is primarily used for betting on political outcomes, but the platform also offers markets on a variety of topics, including cryptocurrencies, sports, business events, and the 2024 Olympics.
The platform's growth was further boosted by a $70 million Series B funding round on May 14, led by Peter Thiel's Founder Fund and including participation from Ethereum co-founder Vitalik Buterin.
To make the platform more accessible, Polymarket partnered with payments platform MoonPay on July 24. The collaboration will allow users to deposit using debit and credit cards, streamlining the onboarding process for people outside the cryptocurrency community.
To further bolster its credibility and expertise, PolyMarket hired election analyst and statistician Nate Silver as an advisor on July 16.
Interestingly, despite Polymarket's focus on US events, it remains unavailable to US users.
With a diverse range of prediction markets and a growing global audience, Polymarket continues to grow as a leading destination for speculative betting, attracting users interested in a wide range of topics.
