- A recent trade on Polymarket briefly altered Donald Trump’s winning odds.
- The former president’s performance in recent weeks has been strong.
- Polymarket’s CEO has addressed concerns swirling around favoritism.
The upcoming United States elections have seen a rise in the use of decentralized prediction platforms, with bettors fixing odds on various possible outcomes. Bets on the ongoing race between candidates Kamala Harris and Donald Trump on Polymarket have particularly been all the buzz, with odds constantly fluctuating based on users’ predictions.
However, a recent extraordinary spike in Trump’s odds briefly sent them to an unprecedented high, causing quite a stir among observers.
Trump’s Odds Hit ATH on Polymarket
Donald Trump’s winning odds have recently experienced a surge on Polymarket, spiking to 99% following a bettor’s purchase. The uptick occurred when a trader under the account name “GCorttell93,” on Friday, October 25, 2024, made a large bet on Donald Trump winning the fast approaching November presidential election.
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“GCorttell93” bought over 4.5 million Trump contracts, costing around $3 million. However, because Polymarket’s order book prices fluctuate with each trade, the massive buy pushed Trump’s odds sharply upwards, with a $275,000 purchase briefly reaching 99%.
The odds, above actual market odds of 63%, was primarily triggered by what’s known as ‘slippage,’ a situation where rapid buying depletes the availability of low-priced shares, forcing subsequent orders to fill at higher prices.
However, some other orders by ‘GCorttell93’ went through at reasonable prices, with odds around 65.9% and 62.7%. The glitch in Trump’s chances build on broader concerns that Polymarket is leaning too heavily in his favor, prompting clarification from the platform’s CEO.
Polymarket is Non-Partisan: CEO
Polymarket CEO Shayne Coplan has addressed the increasing chatter over Trump’s shining odds on the platform, arguing against favoritism claims.
“Polymarket is strictly non-partisan, stated the CEO, adding that,"Polymarket is not about politics. The vision never was to be a political website, and it still isn't.”Coplan highlighted that the platform’s recent rise in popularity is rooted in its successful predictions, including accurately forecasting President Biden’s potential withdrawal from the race last July.
He further stressed that no central entity has control over the platform’s operations, adding that all odds are determined by the collective actions of individual traders and not set by the platform itself.
Read this article for more about reports of major losses within Polymarket:
Polymarket Betters Are Overwhelmingly Losing Money: Here’s Why
A recent exploit on a wallet linked to the US government drained millions in assets. Find out more here:
US Govt Crypto Wallet Loses $20M in Flash Hack
