With the US election only a day away, Trump, Harris getting closer on Polymarket

The chances of former president Donald Trump and Vice President Kamala Harris to win the US presidential elections, scheduled to be held tomorrow, November 5, are narrowing.

According to data provided by Polymarket, Trump’s chances of winning the election have fallen from a local high of 67% on Oct. 30 to 57% at the time of this writing. Harris, on the other hand, saw her chances rise from a low of 33.1% to 43% over the same time period.

US election odds | Source: Polimarket

As the election approaches, the total amount of bets placed on the next US president on crypto betting platform Polymarket has exceeded $3 billion.

Trump ranks first with $1.2 billion in betting volume, followed by Harris with $772 million.

One of the main reasons may be the Republican candidate’s Milwaukee rally, as Trump experienced technical problems with the microphone. Trump-themed meme coins also witnessed sharp declines, according to a Crypto.news report.

Is Polymarket correct?

The accuracy of the market prediction platform has become a hotly debated topic. According to Crypto.news, WhaleWire analyst Jacob King said that crypto enthusiasts will probably bet that Trump will win, which will end in favor of the Republican candidate.

This is due to Trump’s so-called crypto-friendly approach.

The New York Times, one of the most popular newspapers in the USA, claimed that Polymarket was a partisan platform. However, this was met with a swift backlash from the company’s CEO, Shayne Coplan, who called it nothing more than a “crypto-backed gambling” venue.

Coplan added that Polymarket operates on a decentralized network and only allows third-party users to place bets and see “transparent” trading data.

Polymarket operates outside the US due to regulatory restrictions.