30s Summary

Big bettors on the blockchain-based betting market Polymarket are favoring Donald Trump in the upcoming US presidential election. According to the platform’s data, Trump’s chances to win have hit 67%, bolstered by a major player who invested an additional $2 million in USD Coin (USDC) tokens to back Trump. To date, the gambler has spent $7.22 million on Trump-related bets, netting a profit of $256,000. As the elections approach, decentralized betting markets have seen a 565.4% increase in funds, mainly in anticipation of the US polls.

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Looks like those big-time bettors out there are putting their money on Donald Trump for the upcoming presidential election. On a leading blockchain-based betting market, Trump’s chances to win are closing in on a whopping 67%. A heavy hitter, known as a “whale”, keeps adding more bets on Trump’s victory.

By late October, Trump’s odds to win skyrocketed past 66.3% on this popular decentralized betting market, according to data from the platform, Polymarket.

This uptick in Trump’s winning odds comes after a major player on Polymarket pumped another $2 million worth of USD Coin (USDC) tokens into bets favoring Trump.

This big spender has already poured a total of $7.22 million into betting on a Trump win, at least according to Lookonchain, an onchain intelligence firm. They pointed out in an October post that since the start of that month, this gambler has shelled out millions of dollars to buy over 11.28 million stakes betting on Trump’s winning chances, making a cool profit of $256,000 so far.

And with just a week left until the elections in 2024, it remains to be seen whether these decentralized betting markets give a clearer picture of the potential winner than traditional polls. Even Elon Musk thinks they might be more accurate.

Things started really turning in Trump’s favor on the Polymarket platform at the beginning of October, which was a big shift from the trends in September. By the middle of October, Trump had a solid lead of more than 10 points.

Now, let’s talk about this mysterious Polymarket whale dubbed “zxgngl”. Holding over 11.2 million stakes betting on Trump, this player’s bets are worth over $7.5 million.

After the top Trump better on Polymarket, known as “Fredi9999”, amped up Trump’s odds to over 60.2% by betting over $20 million until the middle of October, it seems like this other player stepped in to keep the momentum going.

Interestingly, Fredi appears to control four out of six large accounts betting on Trump, and they all seem to be immediately using their deposits of $1 million or $500,000 to buy stakes. While this mysterious player “zxgngl” has controlled almost all of their bets on Trump, they’ve been funding their account with Binance, not Kraken like Fredi.

The upcoming elections are causing a lot of buzz and driving up interest in these betting markets. The amount of money on the line in these betting markets jumped by more than 565.4% in the third quarter, reaching $3.1 billion across the three biggest markets, up from just $463.3 million in the second quarter.

According to a report by CoinGecko in October, this sudden jump is primarily because of the anticipation around the US elections. Out of all the decentralized betting platforms, Polymarket is well in the lead, owning over 99% of the market share as of September.

Source: Cointelegraph