As the 2024 U.S. presidential election approaches, prediction markets are generating significant interest. Popular blockchain-based prediction platform Polymarket provides insights into current sentiment.

Presidential Election Winner: Trump in the Lead

With nearly $400 million bet on the outcome, the prediction market for the 2024 presidential election winner sees Donald Trump leading with a 59% chance of victory, backed by $50.5 million in bets. Kamala Harris follows with a 40% chance, based on wagers worth $33.7 million.

Other candidates, including Robert F. Kennedy Jr., who is running as an independent, trail far behind. According to market bets, these candidates hold less than a 1% chance of winning the November ballot.

Popular Vote: Harris Expected to Come Out on Top

In a contrasting prediction, Polymarket users currently favor Kamala Harris to win the popular vote. A significant 62% of participants in this pool have placed their bets on Harris, amounting to more than $2.7 million.

Donald Trump, while leading the race for the presidency itself, trails in the popular vote market with a 36% chance and $5.3 million wagered in his favor.

This divergence underscores the potential for a split between the electoral and popular vote outcomes, a scenario reminiscent of previous U.S. elections.

Balance of Power: Slight Edge to Republicans

Polymarket provides a detailed snapshot of which party will control the government post-election. Its “Balance of Power: 2024 Election” market, with almost $3.7 million in total bets, shows a narrow edge for a Republican sweep with a 34% chance, supported by just over $570,000 in bets. A Democrat sweep holds a 22% chance, based on more than $328,000 in bets.

More nuanced scenarios, such as a Republican president with a Republican Senate and a Democratic House, stand at 23%, while a Democratic president with a Republican Senate and Democratic House sits at 18%.

Biden’s Exit Shakes Up Race

Unlike President Joe Biden, whose stance on crypto had him at odds with the community, Harris remains an unknown quantity in terms of her position on cryptocurrency.

However, reports have emerged that the vice-president’s team has approached some of the bigger players in the crypto industry to rebuild relationships, even as the sector has largely shown support for Trump. This potential rethink on crypto could make Harris a more favorable candidate for the industry than Biden, hence the narrowing margins between herself and Trump among Polymarket bettors.

Interestingly, sentiments expressed by users on the crypto prediction market have been mirrored by mainstream polls. For instance, the latest Reuters/Ipsos survey, conducted immediately after Biden exited the 2024 presidential race, shows that the battle between Harris and Trump would be too close to call. According to that poll, Harris has opened up a marginal two-percentage-point lead over Trump, leading 44% to 42%. The two were tied at 44% in a July 15-16 poll, and Trump led by 1% in a July 1-2 poll, both within the same margin of error.

Overall, these predictions offer valuable insights into the current political landscape as seen by the betting public. The decentralized nature and accessibility of crypto-based prediction markets provide visibility into a broader swathe of opinion and sentiment. As always, predictions are not set in stone, and the dynamic nature of politics means that public opinion and betting odds can shift rapidly.

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