High-Stakes Bets Surge on Trump's Election Chances in Polymarket Frenzy

Significant bets on Polymarket have increased the potential payout for a Trump election victory to $43 million. These bets, by non-American accounts, have raised eyebrows due to their contrast with opinion polls. The situation highlights concerns about market influence on elections, drawing attention from regulatory authorities.

In a dramatic escalation of activity, Polymarket has reported a surge in high-stakes bets on a Trump victory in the upcoming election. By Monday morning, these wagers had raised the potential payout from $30 million to an astounding $43 million. The controversial bets have ignited discussions on the potential influence of prediction markets on public opinion polls.

The cryptocurrency-prediction platform's activity has drawn scrutiny due to the divergence between its soaring odds for Trump and traditional polling results that show a tight race between Vice President Kamala Harris and the former president.

Adding to the debate, Commodity Futures Trading Commission Chairman Rostin Behnam expressed concerns about election betting. Addressing a trade group, he emphasized the need for Congressional guidance on the practice and its implications for democratic processes.

(With inputs from agencies.)