Polymarket, a crypto prediction market platform, has surpassed $2 billion in total betting volume related to the U.S. presidential election, notably doubling within a month. As of mid-October 2024, bettors have placed nearly $2.05 billion in wagers, with Donald Trump currently leading the betting odds with a 62% chance of winning over Democratic nominee Kamala Harris, who has a 39% chance. Bets on Trump have reached over $600 million, while Harris has drawn in more than $400 million. Approximately $1 billion is attributed to other candidates, both active and suspended. Despite this high volume, only around $200 million remains in open interest on Polymarket, reflecting that many bets have been cashed out. While some experts argue that prediction markets can offer better insights than traditional polling, others criticize them for reflecting conservative biases. Overall, the growth in betting volume indicates a significant interest in the election, particularly within the context of political prediction markets.

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