Editorial staff
That’s why, here at Roulette77, we carefully explored some of the most prominent political events that left a significant mark on individuals. Thus, we managed to pick the 5 most famous that were bet on using cryptocurrencies. So, let’s go into more detail.
The 2024 US Presidential Elections
The origins of political betting go back to the 1190s. Fast forward, one of the most popular events that people bet on is the 2024 US Presidential Election. This has gained such publicity that Polymarket, one of the biggest crypto betting platforms, has recorded a significant increase in the pro-Trump election bets.
In fact, Polymarket statistics reveal that the odds of Trump were higher than those in national polls or other election-betting sites (Kalshi and Predictit). More precisely, Polymarket has collected more than $2 billion of bets during the presidential race between Donald Trump and Kamala Harris.
The Democratic Presidential Primaries in 2024
While the US Presidential Election was in the spotlight of all political events for a while, people were also interested in other happenings. One of them was the choice in the Democratic Presidential primaries.
That said, even before the general election, there were a lot of times and potential outcomes that hinted at the nomination of Kamala Harris. Again, this was a pretty popular betting activity on Polymarket.
To be more precise, this period was highlighted by different crypto wagers that pointed out who would win particular state primaries. On top of this, many individuals also bet on the likelihood of some candidates withdrawing.
The Probability of Joe Biden’s Withdrawal from the Presidential Race
Speaking of betting on withdrawal odds, the famous Trump vs. Biden debate also shook up the crypto bets. Following the presidential debate in June 2024, Polymarket noticed a significant increase in bets. More precisely, the rise was related to the likelihood that Joe Biden would withdraw from the election.
Due to the huge number of bets, the odds of this happening jumped to around 70% on Polymarket. This was shortly before Biden announced he would withdraw and that Kamala Harris would be the nominee for the Democrats.
Kamala Harris’s Vice President Selection
Another political event that significantly affected the crypto bets was the run for vice president alongside Kamala Harris. As soon as she entered the game, Polymarket reported that its users switched their bets to the candidate for Kamala’s running mate.
Due to this, people had the chance to place their bets on political figures, such as the Pennsylvania Governor Josh Shapiro and the Minnesota Governor Tim Walz. Each figure had their odds, and the bets went on until Walz was finally selected.
2024 US Congressional Elections
Americans are also concerned about who will control the US House of Representatives and the Senate. Therefore, it seems like the race for control over these two bodies was another important political event that raised the crypto bets.
Cryptocurrency prediction markets, such as Polymark, Kalshi, and Predictit, marked an increased interest in bets. Mainly, people placed their wagers on which party would control each chamber after the election.
The Process of Betting on Political Events Using Cryptocurrencies
Usually, you can bet on political events with crypto through a prediction market platform that uses blockchain technology. That’s because these sites enable you to trade contracts on the probability that a specific political event will occur. But let’s briefly go over the process so you can get the idea:
- Select a prediction market platform: There are a few prediction market platforms that you can use to place your bets on a specific political event. Some of the most popular are Polymarket, Predictit, and Kalshi.
- Create an account and deposit your preferred cryptocurrency: The first step before making the deposit is registering and the platform, and then choosing a relatively stable cryptocurrency you’ll use.
- Explore the available prediction markets: Before you make any decision, check out the odds at different prediction markets. They vary depending on the platform, so you want to find the best.
- Trade contracts: Betting on political events with crypto is a bit different than placing regular bets. You need to buy and sell contracts that represent the likelihood of the outcome.
- Outcome: Once you place your bets, you just need to wait for the final outcome and see whether you’ve won something.
Conclusion
Political betting is pretty popular nowadays, especially with all the market prediction platforms on which you can bet using cryptocurrency. However, the best times to bet are usually during presidential elections. Just choose the right platform, and you’re good to go.
Editorial staff
