Betting on US presidential race results on Polymarket tops $400m as giant whale favours Trump

July 29 (Bloomberg) -- In the week since President Joe Biden resigned as the Democratic nominee, his running mate Kamala Harris has effectively doubled the likelihood of a Democratic bid for the White House, from 18 percent to 38 percent, according to CoinDesk. Harris' improvement in the Polymarket poll appears to be due to small individual bets entering the market.

However, Trump supporters seem more confident: the top five holders of Trump contracts on the "yes" side hold a total of 9.1 million shares, which would turn into a $9.1 million bonus if Trump wins. Meanwhile, the top five holders on the 'yes' side of the Harris contract hold 4.7 million shares. Overall, traders on Polymarket have wagered $423 million on the outcome of the US dollar presidential race.