International Bettors Influence Polymarket's Trump Election Odds

International accounts are behind substantial bets on former President Donald Trump winning the 2024 election on the crypto-based platform Polymarket. Despite restrictions on Americans betting on elections, $30 million worth of bets were placed, impacting the platform's odds significantly. Polymarket is investigating these bets with external experts.

The crypto-based prediction market, Polymarket, has seen substantial betting activity on former President Donald Trump winning the 2024 election, with the owners of the accounts reportedly being non-American. A source close to the matter detailed these findings on Friday.

As opinion polls predict a close race between Trump and Vice President Kamala Harris, Trump's odds on Polymarket have climbed to 60%, surpassing Harris at 40%. Notably, these odds were influenced by four accounts wagering over $30 million, a fact confirmed by both the source and previous Wall Street Journal coverage.

With speculation rife about possible American involvement, Polymarket has verified that its major traders are international, sidestepping restrictions on American election betting. Nonetheless, the platform is conducting an investigation alongside external experts to scrutinize the bets' influence. Concurrently, the CFTC's stance against U.S. election betting faces legal challenges, with Kalshi winning a recent court ruling allowing such wagers.

(With inputs from agencies.)