After a recent report by The New York Times, the odds on Polymarket for President Joe Biden dropping out of the elections have surged to more than 70%. Initially, bettors on Polymarket had placed bets with a 55% chance of Biden stepping down from the presidential race. However, these odds dramatically increased following the report suggesting that Biden was contemplating his future in the White House after November.
An unnamed source from Biden’s camp, as cited by The New York Times, stated that the President views defeating Donald Trump in the upcoming elections as an improbable outcome. This speculation was quickly shut down by White House spokesperson Andrew Bates, who refuted the story.
The health of President Biden has been a topic of concern on multiple occasions, which has further fueled the betting activity on Polymarket regarding the possibility of him dropping out of the race. As of now, over $10 million worth of bets have been placed on Biden’s future.
Prior to the CNN debate, which was widely regarded as a disaster for Biden by experts from various political backgrounds, the betting activity indicated a 20% to 35% chance of him exiting the race. The New York Times report highlighted that Biden is aware that a few more events like the debate could significantly alter the course of the race.
Polymarket has established itself as a leading decentralized platform for users to place bets on real-world events. Similar betting trends were observed during the Bitcoin (BTC) ETF saga, and the platform currently offers markets for other events like the approval of spot Ethereum (ETH) funds.
The surge in betting activity on Polymarket reflects the uncertainty surrounding President Biden’s future in the elections and the impact of recent events on his candidacy. As the race progresses, it will be interesting to see how these betting odds continue to evolve based on the unfolding political landscape and developments in the campaign trail.