Crypto Betting Platform Polymarket Sees 35% Chance That Joe Biden Will Bow Out of US Presidential Race

Current odds on the crypto betting platform Polymarket give President Joe Biden a one in three chance of dropping out of the upcoming US presidential race.

Polymarket allows users to bet on the outcomes of almost any event, ranging from pop culture to sports to politics.

The Biden bet resolves to “Yes” if he officially announces his withdrawal or is confirmed to have withdrawn from the 2024 US presidential race, and it resolves to “No” if he’s still on the ticket on November 5th.

The bet will also resolve to “Yes” if extenuating circumstances prevent the current president from continuing the race.

Speculation about Biden’s future in the presidential race reached a fever pitch after his widely derided debate performance against former President Donald Trump on CNN last week.

Even though many of Trump’s claims during the debate were debunked by fact-checkers, the former president was crowned the winner of the event by the vast majority of pundits and poll respondents.

Trump is currently the far-and-away favorite on Polymarket to win the US presidential election. The crypto betting platform currently gives him a 65% chance of victory.

Biden sits at 21% (down from around 34% prior to the debate) and Vice President Kamala Harris is at 5%. Polymarket users have bet more than $207 million on the election at time of writing.

Peter Thiel’s Founder’s Fund, Ethereum (ETH) co-founder Vitalik Buterin and other high-profile investors like Dragonfly and ParaFi invested $70 million in the crypto betting platform in May.

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