Election markets have already pushed greater than $235 million value of wagers on the platform.
Polymarket, a crypto-native prediction market platform, posted its strongest month on file throughout Could amid rampant election forecasting.
Information from Dune Analytics exhibits punters putting greater than $63 million value of bets by way of the platform in the course of the month of Could, beating out its earlier file from January by 15%.
The variety of energetic merchants on the platform additionally skyrocketed, with almost 13,600 customers wagering on predictions final month. That equates to a month-over-month improve of 405%, additionally beating out December 2021’s earlier all-time excessive of 5,711 by 138%.
The 2024 U.S. presidential election is already proving to be driving huge enterprise for Polymarket. The platform’s presidential winner market has attracted $147.4 million value of prediction bets thus far.
For comparability, the identical market on Betfair, the main centralized betting change, has garnered almost $35.2 million in motion thus far.
Markets for the Democratic occasion nominee, Republican occasion nominee, and widespread vote winner have additionally attracted $31.1 million, $29.7 million, and $26.5 million value of wagers respectively.
Joey Krug, a accomplice at Founders Fund, a enterprise capital agency co-founded by Peter Thiel that led Polymarket’s latest $45 million funding spherical, stated he believes it’s only a matter of time earlier than Polymarket’s month-to-month quantity exceeds $100 million.
“The factors I at all times thought-about robust product market match for crypto-based prediction markets was $10mm in quantity every week,” Krug stated. “If you will get there, there’s a path to $100mm and onwards. I feel it’ll warmth up additional as we get into election season.”
Funding rounds
Shayne Coplan, the CEO of Polymarket, introduced the corporate’s $45 million Sequence B spherical on Could 14, noting that the blockchain-focused VCs ParaFi and Dragonfly, and Vitalik Buterin, Ethereum’s chief scientist, have been among the many traders taking part within the spherical.
Coplan additionally revealed a beforehand undisclosed $25 million Sequence A spherical led by VCs Polychain Capital and Normal Catalyst on the identical day.
“Individuals perceive what is going on on on the planet higher as a result of Polymarket exists,” Coplan stated. “Sufficient of the speaking heads and news-by-algorithm. We’re in a misinformation pandemic, and Polymarket presents a novel data format that’s pushed by monetary incentives for fact, slightly than engagement baiting.”
