Polymarket Is Cashing In On The Election Hype

September 18, 2024

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x min read

The upcoming presidential election has led to a boom in revenue for a crypto company. But, why?

‍What’s happening:‍

Crypto prediction market Polymarket has recently experienced enormous growth as a result of users speculating on the upcoming election in the United States

By the numbers:‍

Polymarkets is nearing $1B USD in total betting volume just on the outcome of the upcoming presidential election
There is also more than $200M USD in total betting volume on Polymarket wagering on other political events related to the presidential election

Why it matters:‍

Leveraging digital assets for betting and gambling has been recently emerging as a growing trend, with crypto casinos starting to see record breaking upticks in both user growth and revenue

Going deeper:‍

Polymarket has multiple notable backers, including angel investors such as AngelList co-founder Naval Ravikant, Balaji Srinivasan and Ethereum co-founder Vitalik Buterin
Peter Thiel’s venture capital fund Founders Fund also previously led the Series B financing round for Polymarket in which they raised $45M USD

The intrigue:‍

Aside from election speculation, users on Polymarket can wager on everything from sports championships to the success of new movie releases to the outcomes of high profile lawsuits

‍

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