{"id":595669,"date":"2024-11-07T20:41:11","date_gmt":"2024-11-07T20:41:11","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=595669"},"modified":"2024-11-07T20:41:11","modified_gmt":"2024-11-07T20:41:11","slug":"betting-boom-over-trump-victory-promises-big-payoffs-for-gamblers","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/betting-boom-over-trump-victory-promises-big-payoffs-for-gamblers","title":{"rendered":"Betting Boom Over Trump Victory Promises Big Payoffs for Gamblers"},"content":{"rendered":"

The surprising outcome of Donald Trump’s victory in the recent U.S. presidential election has set off a wave of excitement among bettors eager to cash in on their winning predictions from various online betting platforms. In total, gambling sites<\/a> are preparing to distribute approximately $450 million. However, some fortunate winners may need to wait before they can fully access their prizes.<\/p>\n

Surge in Prediction Markets as Polls and Public Sentiment Differ<\/h3>\n

Online betting platforms<\/a> experienced a surge in activity leading up to the election. This increase stemmed from the noticeable gap between standard poll predictions and the more fluid odds displayed by prediction markets. While most traditional polls depicted a close contest between Trump and Vice President Kamala Harris, prediction markets were far more dynamic. They reflected swift shifts in public sentiment, campaign momentum, and major breaking news events.<\/p>\n

According to Samuel S.-H. Wang, head of the Electoral Innovation Lab at Princeton University, prediction markets offer unique insights into voter behavior and potential election results, as reported by Reuters. Unlike regular polls, these markets draw from constantly updated data and can better capture rapid changes. This adaptability has prompted many to view these markets as a more accurate measure of election outcomes.<\/p>\n

A notable example of election night excitement involved the Trump Media & Technology Group<\/a>. The company’s stock surged by 8% on November 6, reflecting strong ties to Trump’s campaign. Hundreds of Trump supporters gathered for an election viewing party on the video-sharing platform Rumble. The atmosphere became increasingly charged as election results rolled in, with attendees closely monitoring both the group’s financial performance and rising odds on popular prediction sites like Polymarket.<\/p>\n

Dominance of Polymarket and Kalshi in Prediction Exchanges<\/h3>\n

Polymarket<\/a> and Kalshi emerged as two of the busiest prediction exchanges throughout the election season. Polymarket, an international platform driven by cryptocurrency transactions, attracted global bettors and continued taking bets until major outlets like AP, Fox News, and NBC declared Trump victorious. By the night of November 5, the total payout pool on Polymarket had reached an estimated $287 million. Kalshi, operating domestically in the U.S., catered to approximately 40,000 bettors who placed wagers on Trump’s win, with its payout pool peaking at $159 million that evening. Unlike Polymarket, Kalshi offers users the opportunity to trade bets up until the Inauguration Day set for January 20, 2025.<\/p>\n

One of Polymarket’s standout winners is a Paris-based investor, known within the community as the “Polymarket whale.<\/a>” This individual placed a $40 million bet on various Trump-related outcomes. Should Trump emerge victorious in the popular vote, the bettor stands to collect a staggering $80 million.<\/p>\n

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Polymarket ‘whale’ who bet big on Trump win raked in $48M in profits https:\/\/t.co\/pw1nClbhlt<\/a> pic.twitter.com\/JvubFgBCln<\/a><\/p>\n

— New York Post (@nypost) November 6, 2024<\/a><\/p><\/blockquote>\n