Presidential election bets surpass $2b on Polymarket, Trump leading with $600m

The bets on the market prediction platform Polymarket for the 47th U.S. president are quickly rising ahead of the elections. Republican candidate Donald Trump is leading with a huge gap.

According to data provided by Polymarket, the total amount of bets on the next U.S. president has surpassed the $2 billion mark. Trump is currently leading with $600 million, followed by the Democratic runner Kamala Harris with $402 million.

Bets on the 2024 U.S. elections winner – Oct. 17 | Source: PolymarketData from the market prediction platform shows that the odds are in Trump’s favor, leading with a 59.9% chance of winning the U.S. presidential elections—Harris’ winning probability is sitting at 40%.

This 19.9% gap was last seen in mid-July.

Per a crypto.news report, the increased odds of the Republican candidate becoming the next U.S. president have brought bullish momentum to Trump-themed meme coins. MAGA Hat (MAGA), Super Trump and Doland Tremp (TREMP) recorded impressive double-digit gains.

One of the key reasons behind Trump’s increasing chance is the involvement of Elon Musk, the billionaire CEO of Tesla.

According to an X post by Mario Nawfal, Musk will likely deliver six speeches, supporting Trump, in Pennsylvania, also known as “The Keystone State.”

Nate Silver, a political statistician, believes that Pennsylvania is the most important state for the upcoming elections

Previously, Musk’s involvement in a Trump campaign in Butler, Pennsylvania increased the odds of the republican candidate to 50.8%.