What's happened
As the US presidential election approaches, over $1.2 billion has been wagered on the outcome, with platforms like Polymarket gaining traction. Legal debates continue over the status of political betting in the US, while international users exploit loopholes to participate.
Why it matters
What the papers say
According to Josh Marcus in The Independent, over $1.2 billion has been wagered on the US presidential election, with platforms like Polymarket becoming increasingly popular. He notes that despite legal prohibitions, many Americans are using these platforms via VPNs. The article highlights the perspective of bettors like Eva, who finds political betting both fun and profitable, while also acknowledging the risks involved. In contrast, another bettor cautions against political betting, likening it to a casino where the house always has the edge. This duality in perspectives illustrates the complex nature of political betting as both a financial venture and a potential risk. Bloomberg adds context by discussing the historical integration of betting shops in British culture, suggesting that the shift to online betting reflects broader changes in consumer behavior and market demands.
How we got here
Political betting has been historically prohibited in the US, but recent court rulings have allowed some prediction markets to operate. This has led to a surge in betting activity, particularly on platforms like Polymarket, which cater to international users.
Common question
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Why is Political Betting Surging Ahead of the US Election?
As the US presidential election draws near, political betting is experiencing a significant surge, with over $1.2 billion wagered on the outcome. This trend raises questions about the platforms being used, the legal landscape surrounding political betting, and the participation of international users. Below, we explore these aspects and more.
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