The Crypto Website Where the Election Odds Swing in Trump’s Favor
The New York Times
Donald Trump, Elon Musk and CNN have cited election predictions from Polymarket, a betting site where crypto enthusiasts have wagered more than $100 million on who will win the presidency.
Donald J. Trump posted a colorful graphic on social media this week, suggesting that he was headed for victory in the presidential election.
The graphic showed that Mr. Trump had a 64 percent chance of defeating Vice President Kamala Harris next month — a much rosier picture for him than the polls that indicate the election remains a tossup. Mr. Trump’s post was liked more than 10,000 times, as his fans responded with emojis of raised fists and Americans flags.
The election odds cited by Mr. Trump came from a crypto-powered gambling website called Polymarket. Using digital currencies, gamblers on Polymarket have wagered more than $100 million on the outcome of the presidential race, turning the site into the internet betting phenomenon of the 2024 election.
Elon Musk has promoted Polymarket’s odds on X, calling them “more accurate than polls, as actual money is on the line.” CNN and other news media organizations have featured the projections in their election coverage. And as the market has swung heavily in Mr. Trump’s favor, he has relentlessly publicized the site’s numbers, seeking to create a sense of inevitability about the election’s outcome.
“A gambling poll, as they call it,” Mr. Trump said recently of Polymarket. “I don’t know what the hell it means, but it means that we’re doing pretty well.”
But Mr. Trump’s apparent lead may be an illusion. The odds on Polymarket began favoring him this month after just four accounts, with user names like Fredi9999 and PrincessCaro, bet more than $30 million on a Trump victory, according to an analysis of transaction records by Chaos Labs, a crypto data provider. Polymarket said on Thursday that all four accounts were controlled by one person, whom it described as a French national with a financial services background, without revealing the person’s identity.
