Number of bets on Polymarket surpassed 1.5m in July

Blockchain-based prediction marketplace Polymarket has seen impressive growth in the past month, especially since the controversy surrounding the US elections began.

According to data provided by Dune Analytics, the total number of bets placed on Polymarket surpassed the 1.5 million mark in July. The total number of bets placed since the launch of the market prediction platform currently stands at 5.29 million.

Number of bets on Polymarket | Source: Dune Analytics

Additionally, data from Dune Analytics shows that cumulative betting trading volume on Polymarket has reached just over $1 billion. Betting volume in July alone increased by 219% compared to last month – from $111.56 million to $355.23 million.

The increase in Polymarket trading volume comes as the debate surrounding the US presidential election heats up. According to Polymarket’s data, the total amount of bets placed on the upcoming election has reached $439 million.

Donald Trump has a 57% chance of winning the November US election with a $54 million bet, according to the market prediction platform. Trump’s opponent, Vice President Kamala Harris, currently has a 39% chance of becoming the 47th US president with a $38.5 million bet.

According to crypto.news on July 24, Polymarket has joined forces with MoonPay to enable non-cryptocurrency users to use the Polygon-based market prediction platform.