The presidential election campaign in the US is heating up. Democratic candidate and current Vice President Kamala Harris recently overtook former President Donald Trump on crypto gambling platform Polymarket. In total, crypto enthusiasts have put more than $592 million into betting on the outcome of the US presidential election – but what is driving this demand?
According to Polymarket, over $500 million has been bet on the 2024 US presidential election
Accordingly Polymarket According to betting data, there is currently a 7% gap between Kamala Harris and Donald Trump. Former President Trump, who had a considerable lead over current President Joe Biden before dropping out of the race, trails Harris with a 45% chance of becoming US president in the 2024 election.
Harris, who has been on the campaign trail for less than a month, has overtaken Trump with a 53% chance of winning. Although the odds are good for Harris to win, Trump’s presidential bid has seen more cryptocurrency volume added overall on the platform. Polymarket data shows that more than $74.6 million was spent in cryptocurrency for Donald Trump, compared to just $64.8 million for Harris.
Polymarket is a “decentralized prediction market platform that allows users to place bets on world events,” per Wikipedia. Bets are made in the cryptocurrency USDC and markets include topics from pop culture, political events and even bets on whether Russia will resort to nuclear weapons in the Russia-Ukraine war. New markets appear regularly, with one of the most recent focusing on whether there will be a monkeypox pandemic in 2024 following a number of reported cases around the world.
Online gambling is expected to grow by $36 billion over the next five years
Online gambling has experienced record growth in recent years, according to Statistaand this trend does not seem to be on the horizon. In the United States alone, online gambling revenue is expected to reach $97.70 billion in 2024. At a projected annual growth rate (CAGR 2024-2029) of 6.46%, the projected market size in the US will be $133.60 billion by 2029.
The boom in the online gambling market has been driven primarily by the growth of online sports betting and online casinos. Companies such as https://cryptocasino.ltd/ serve this growing, dynamic audience with a full Bitcoin and crypto casino, as well as a sportsbook with a range of sports betting options. Games include Bitcoin Roulette, Bitcoin Poker, and more.
Combined with the progressive adoption of the cryptocurrency market, online gambling related to digital assets and Crypto Casinos A parallel increase is likely to be observed in the coming years.
Image by Sinisa Maric on Pixabay
