Everyone Is Betting on the U.S. Election

Wired: “Polymarket has had a lot of success this year. The pro-Trump billionaire Peter Thiel and ethereum founder Vitalik Buterin announced they had raised around $70 million in funding for the company this past May. The site’s monthly traffic has grown to around 20 times more than what it was at the time of the investment.”

“Betting markets also secured a big win earlier this month when a US appeals court gave Kalshi, a predictions startup, the green light to offer markets on which party would take over Congress next year. While the case hasn’t been completely resolved, it likely won’t be decided before election day. This means election markets are here to stay, much to the joy of political influencers and elites like Musk online.”