Cryptocurrency betting and prediction markets allow people to bet on the outcome of the upcoming U.S. elections, and up until the first Presidential Debate favored Donald Trump as the winner.
According to a press release issued by crypto betting market Cloudbet, which allows users to gamble using BTC, USDT, BCH, and ETH, there was a “pick-up in betting activity ahead of the debate,” and that activity seems to show bettors now believe Joe Biden will become the next President of the United States.
The document notes that most of the pick-up in activity was made up of bets on Trump, but that things changed over the course of the first Presidential Debate. It reads:
Odds on a Biden win shortened to 1.65, meaning betting markets give him 61% chance of being elected, according to prices compiled by crypto sportsbook Cloudbet. That compares to 1.73 (58%) just before the debate. Trump’s odds drifted to 2.23 from 2.16.
On another prediction market, Polymarket, bettors have seemingly always held that Donald Trump will not win the elections, and the Presidential Debate seems to have only widening the gap between a “yes” and a “no” before things went back to their regular trend.
On cryptocurrency derivatives exchange FTX, futures for the “TRUMP” token dropped after the debate took place, showing that investors believe Joe Biden is leading Trump by about 60%.
On another prediction market, Augur, some bettors are still showing they believe Trump could win the election, although on the “Will Donald Trump be Re-Elected in 2020?” prediction market, which has over $22,000 at stake, shows 59% believe Joe Biden will win.
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