Biden's COVID diagnosis sparks another betting frenzy on Polymarket

President Biden tests positive for COVID-19 while in Las Vegas.

Biden’s COVID diagnosis raises speculation about his re-election plans.

Biden hinted at a possible withdrawal due to a "medical condition."

He was scheduled to speak at the UnidosUS National Convention.

Polymarket Betting Trends after Biden contracted covid

Crypto bettors on Polymarket increase the odds of Biden withdrawing from the re-election race to 66%.

Biden hinted at a possible withdrawal due to a "medical condition."

Over $16.4 million is wagered on this prediction.

Bettors still expect Biden to be the Democratic nominee with a 49% chance.

Over $125 million is bet on this outcome.

White House Response

The White House states Biden will recover at his Delaware home and continue his duties.

Biden's election victory rate drops

Biden’s odds of winning the November election fall to 13%.

Vice President Kamala Harris’s odds improve, placing her in second.

Donald Trump remains the favourite with 69%.

US election explains surge in Polymarket trading volume

Polymarket features a wide range of markets beyond politics. Bets include predictions on weather records, election outcomes in specific states, and box office earnings for upcoming films.

Polymarket's rise in activity is partly due to the uncertain political climate in the U.S. Traders have wagered $262 million on predicting the upcoming U.S. presidential election.

Polymarket has seen a total of $400 million in bets this year, positioning itself as a significant prediction market.