The 2024 election wasn’t just historic for its votes but also for the first-ever legal betting, which saw billions wagered. Election day bets skyrocketed to nearly $4B across various platforms, with former President Donald Trump maintaining a lead in the odds. Despite regulatory barriers, these platforms have capitalized on the public’s keen interest in political outcomes, turning predictions into profit.

• Polymarket dominated the political betting scene, with over $3.3B traded on the presidential race, even with limits restricting US bettors.
• Since their October launches, new US betting platforms like Kalshi and Interactive Brokers have collectively pulled in over $500M in election-related wagers.

Market mayhem: While betting markets gave political junkies and financial speculators a rollercoaster ride, they’re not always foolproof predictors. Trump’s odds on Polymarket fluctuated dramatically, dropping from 67% to 53% over the weekend, then bounced back to 62% by Tuesday morning. Similarly, Hillary Clinton’s 82% odds on Predict. It just before the 2016 election underscore that these markets can miss the mark. While the election may have made history, the legacy of this billion-dollar betting frenzy is just beginning for the platforms involved.