Vice President Kamala Harris's chances of winning the U.S. election increased significantly after a new user placed a $2 million bet on her success on the Polymarket platform. As of October 23, these actions moved her odds closer to those of former President Trump, who remains the front-runner in the election race. The user, registered as Ly67890, structured their $2 million investment through multiple transactions, with some bets exceeding $100,000. Despite the substantial wager, Ly67890's position has already taken a hit, showing a paper loss of over $31,000. This betting activity comes just 12 days before the election, with Polymarket seeing its highest ever daily active users as political betting heats up. The recent influx of bets has raised questions about the reliability of prediction markets, with notable figures like Mark Cuban voicing skepticism about their accuracy. Additionally, Polymarket is scrutinizing major bettors in response to regulatory concerns, particularly following a CFTC settlement that excluded U.S.-based users from the platform. Meanwhile, competitors like Kalshi are expanding their offerings to include international election markets.

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