After a recent report, Polymarket odds of President Joe Biden dropping out of the elections surged to over 70%. Early Wednesday, Polymarket bettors placed wagers on a 55% chance that Joe Biden would step down from the presidential race. These odds significantly increased following a report that Biden was reconsidering his future in the White House post-November.

According to an unnamed member of Biden’s camp, the U.S. President sees defeating Donald Trump in the election as an unlikely outcome. Shortly after, White House spokesperson Andrew Bates refuted the story on social media, stating, “That claim is absolutely false. If the New York Times had provided us with more than 7 minutes to comment, we would have told them so.”

“That claim is absolutely false. If the New York Times had provided us with more than 7 minutes to comment, we would have told them so.” — Andrew Bates

Biden’s health has been questioned several times, contributing to the momentum of Polymarket’s “Biden drops out of presidential race?” pool. So far, punters have placed over $10 million worth of bets on Biden’s future.

Before a CNN debate, which many experts from both sides of the political spectrum agree was a poor performance for Biden, betting activity implied a 20% to 35% chance he would leave the race.

“He knows if he has two more events like that, we’re in a different place,” the report said.

Polymarket has become a leading decentralized betting platform for users to wager on real-life outcomes. Similar bets were observed during the spot Bitcoin (BTC) ETF saga, and markets currently exist for other events, such as approvals for spot Ethereum (ETH) funds.

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