Polymarket bettors anticipated Biden's withdrawal from the 2024 race, placing nearly $80 million on various contracts related to his political future.
Polymarket bettors anticipated President Joe Biden's withdrawal from the 2024 presidential race, wagering nearly $80 million across various contracts related to his political future. The market activity surged just before the official announcement, highlighting the predictive power of betting markets.
Key Points:
Market Anticipation: Polymarket bettors predicted Biden’s exit from the race hours before the official announcement, with $80 million wagered on various contracts.
High-Stakes Betting: $51.5 million was bet on Biden's chances of leading the Democrats, while $27.5 million focused on whether he would drop out of the race.
Notable Losses: Traders like AnonBidenBull and therealbatman faced significant losses, collectively losing millions on Biden-related bets.
Market Activity: Market data showed a flurry of betting activity just before the announcement, with contracts predicting Biden's dropout spiking to 100%.
Top Trader: User polybets1 emerged as the most profitable political trader, booking a profit of $691,000 on positions worth $1.7 million.
Related: Bitcoin Traders Anticipate 'Fat Tails' Ahead of Trump's Nashville Bitcoin Conference Speech
The significant betting activity on Polymarket surrounding President Biden’s political future underscores the platform's predictive capabilities. With nearly $80 million at stake, traders' anticipations were validated as Biden announced his withdrawal from the race. As the political landscape evolves, betting markets will continue to offer insights into potential outcomes.
Source: Coindesk
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