This 12 months’s presidential election may go down because the race that modified the best way folks around the globe can wager on sportsbooks and prediction markets, comparable to whether or not Donald Trump or Vice President Kamala Harris will win the 2024 presidential election.
Funding firm Public.com took a shot on the rising progress of prediction markets in a social media put up on Tuesday.
What Occurred: The expansion of prediction markets comparable to Polymarket and Kalshi witnessed billions of {dollars} positioned on predictions of Harris or Trump profitable the 2024 election race.
Whereas election polls predict a detailed head-to-head battle between Harris and Trump, prediction markets present a dominant win by Trump, prompting some callouts that the markets is likely to be closely influenced by some giant bettors and never as correct as polls.
Public.com teased a brand new option to wager on the 2024 election in a put up on X.
“With Election Day 2024 only a week away, we’re excited to introduce one of the best ways to put a wager in your most well-liked candidate,” Public.com posted with a hyperlink.
Whereas many have been anticipating the hyperlink to take them to a brand new prediction market from Public, an organization that lets customers put money into shares, cryptocurrency, bonds and choices, they have been met with one thing solely completely different.
The hyperlink, which is seen as placeyourbet.us, redirects to the Vote.org web site and shares polling places by state.
That is proper, Public.com is telling People who would possibly wish to wager on Harris or Trump profitable the 2024 election that one of the best ways to wager on their most well-liked candidate is to get out and vote.
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Why It is Necessary: The put up by Public.com comes at a time when prediction markets are hovering and shortly after monetary companies firm Robinhood Markets Inc HOOD introduced the launch of presidential election occasion contracts by way of its subsidiary Robinhood Derivatives, LLC.
Robinhood just lately grew to become the newest firm to let its customers commerce primarily based on whether or not they assume Harris or Trump will win the 2024 election, with a choose variety of U.S. prospects at the moment accessing the contracts.
Interactive Brokers Group, Inc. IBKR introduced the launch of political betting contracts earlier this month. The contracts come from the corporate’s ForecastEx change and permit customers to take a position on the winners of the 2024 presidential election and key Congressional races.
Kalshi, which is authorized for prediction markets within the U.S., permits customers to wager on varied outcomes together with the U.S. election. A prediction marketplace for the 2024 presidential winner has greater than $102 million in wagers.
Polymarket is open to worldwide residents and permits customers to deposit funds utilizing USDC USDC/USD through the Polygon MATIC/USD community, or immediately from a crypto account with Ethereum ETH/USD.
The corporate’s prediction marketplace for the 2024 presidential election has attracted over $2.7 billion in wagers.
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Photograph: Gorodenkoff through Shutterstock
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