According to the current odds on the crypto betting platform, Polymarket, there is a one in three chance that President Joe Biden will withdraw from the upcoming US presidential race.
Polymarket offers users the opportunity to bet on various events spanning from pop culture to sports and politics. The Biden bet hinges on whether he formally declares his withdrawal or is confirmed to have exited the 2024 US presidential race, marking a “Yes” outcome. Conversely, if he remains on the ticket on November 5th, the resolution will be a resounding “No.” Additionally, the bet could swing to a “Yes” if unforeseen circumstances impede the current president from continuing with the race.
Speculation regarding Biden’s trajectory in the presidential race soared after his heavily criticized debate performance against former President Donald Trump on CNN recently. Despite numerous fact-checkers debunking many of Trump’s assertions during the debate, the majority of pundits and polling participants declared Trump as the victor.
Trump currently holds a considerable lead on Polymarket as the frontrunner for the US presidential election, with a 65% chance of securing victory. Biden’s odds have diminished to 21% (down from approximately 34% pre-debate), while Vice President Kamala Harris lags behind at 5%. Notably, Polymarket users have collectively wagered over $207 million on the election at the time of this report.
In a major development, prominent figures such as Peter Thiel’s Founder’s Fund, Ethereum co-founder Vitalik Buterin, and other notable investors like Dragonfly and ParaFi injected $70 million into Polymarket back in May.
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