This year’s presidential election could go down as the race that changed the way people around the world can bet on sportsbooks and prediction markets, such as whether Donald Trump or Vice President Kamala Harris will win the 2024 presidential election.
Investment company Public.com took a shot at the rising growth of prediction markets in a social media post on Tuesday.
What Happened: The growth of prediction markets such as Polymarket and Kalshi witnessed billions of dollars placed on predictions of Harris or Trump winning the 2024 election race.
While election polls predict a close head-to-head battle between Harris and Trump, prediction markets show a dominant win by Trump, prompting some callouts that the markets might be heavily influenced by some large bettors and not as accurate as polls.
Public.com teased a new way to bet on the 2024 election in a post on X.
“With Election Day 2024 just a week away, we’re excited to introduce the best way to place a bet on your preferred candidate,” Public.com posted with a link.
While many were expecting the link to take them to a new prediction market from Public, a company that lets users invest in stocks, cryptocurrency, bonds and options, they were met with something entirely different.
The link, which is viewed as placeyourbet.us, redirects to the Vote.org website and shares polling locations by state.
That’s right, Public.com is telling Americans who might want to bet on Harris or Trump winning the 2024 election that the best way to wager on their preferred candidate is to get out and vote.
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Why It’s Important: The post by Public.com comes at a time when prediction markets are soaring and shortly after financial services company Robinhood Markets Inc HOOD announced the launch of presidential election event contracts through its subsidiary Robinhood Derivatives, LLC.
Robinhood recently became the latest company to let its users trade based on whether they think Harris or Trump will win the 2024 election, with a select number of U.S. customers currently having access to the contracts.
Interactive Brokers Group, Inc. IBKR announced the launch of political betting contracts earlier this month. The contracts come from the company’s ForecastEx exchange and allow users to speculate on the winners of the 2024 presidential election and key Congressional races.
Kalshi, which is legal for prediction markets in the U.S., allows users to wager on various outcomes including the U.S. election. A prediction market for the 2024 presidential winner has more than $102 million in wagers.
Polymarket is open to international residents and allows users to deposit funds using USDC USDC/USD via the Polygon MATIC/USD network, or directly from a crypto account with Ethereum ETH/USD.
The company’s prediction market for the 2024 presidential election has attracted over $2.7 billion in wagers.
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