Minnesota Governor Tim Walz established a lead over the Governor of Pennsylvania, Josh Shapiro on the cryptocurrency-based betting platform, Polymarket in the race for Democratic presidential candidate Kamala Harris' running mate.
What Happened: The odds of Walz jumped from 23% to 53% on the so-called world's largest prediction market, while Shapiro, who was bettors' favorite over the last week, saw a decline from 64% to 45%.
Interestingly, Shapiro’s bets plummeted amid concerns expressed to Harris about his candidacy by Sen. John Fetterman (D-Pa.).
Additionally, gambles in favor of Sen. Mark Kelly (D-Ariz.), who was also seen as a major contender, tumbled to as low as 1%.
Harris has interviewed Walz, Shapiro, and Kelly at her Washington, D.C., residence. The chosen candidate is expected to be notified of their selection on Tuesday morning.
Polymarket, which is built atop Ethereum ETH/USD Layer-2 chain Polygon MATIC/USD, has rapidly emerged as one of the world’s top prediction markets for U.S. elections over the last few months.
Users can buy or sell outcome shares, which can be redeemed for $1 if the outcome is correct, and become worthless if it's incorrect.
Why It Matters: Just two weeks after Joe Biden's dramatic withdrawal from the race, Harris has surged to the forefront of the Democratic presidential ticket, securing the party's nomination in a "virtual roll call" on Friday.
The choice of a running mate is critical for Harris as she prepares to take on Republican challenger Donald Trump in the Nov. 5 election.
Trump was cryptocurrency gamblers' favorite to secure another term in office, but his odds have dipped sharply since Biden's exit and Harris' nomination.
As of this writing, the odds in favor of Trump were 54%, compared to 43% for Harris.
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Did You Know?
- Congress Is Making Huge Investments. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool
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