Players are spending more than $3.3 billion on polymarket bets on the 2024 presidential election, mostly for Trump

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Gamblers have spent more than $3.3 billion on betting site Polymarket guessing the results of the 2024 US presidential election, with almost two-thirds of them betting on a Trump win.

The money spent on polymarket election betting now even exceeds the combined fundraising receipts of both presidential campaigns, which have collectively raised over $2.5 billion.

As The Independent As reported, interest in election betting has surged this cycle thanks to the rise of cryptocurrencies and a recent court ruling that clears the way for another betting market, Kalshi, to make election deals in the US for now, via the arguments of the federal raw materials regulatory authorities.

But despite the dynamism of such sites, there have been complications as they have become one of America's new favorite hobbies.

Polymarket, which is said to be open only to vendors operating outside the US, is under scrutiny for reaching out to US-based social media influencers to promote the site.

“We reached out to influencers on both sides of the aisle to promote our data and drive traffic and attention to polymarket.com, where 99% of visitors consume news and never transact,” said a Polymarket spokesperson told Bloomberg News about the outreach efforts.

The platform also examined four accounts that collectively bet more than $50 million on Trump and concluded that the accounts, all linked to a single French citizen, showed no signs of an intentional attempt to To increase Trump's chances.

While more than 61 percent support Trump on Polymarket, our poll tracker shows a starkly different picture of the race: Harris maintains a 0.9 percent lead over her Republican rival.

Proponents of election betting say markets both respond to public sentiment more quickly than traditional polls and are more inclusive of people.

“This is a good thing for democracy,” John Phillips, co-founder and CEO of exchange PredictIt, said recently The Independent. “People who might not be interested get engaged.”

Outside the betting markets, the 2024 campaign has been flooded with money, with one estimate suggesting around 18 percent of campaign donations came from billionaires, who donated nearly $700 million in 2024.

Individual billionaires have also made a name for themselves.

Elon Musk, the richest man in the world and owner of