Americans bet millions on presidential race
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Americans have legally wagered more than $123 million on the presidential election so far, according to prediction market startup Kalshi.
Why it matters: It's the first time election betting is legal and widespread in the U.S.
- Most bettors on Kalshi expect former President Trump to win.
How election betting compares to sports betting
By the numbers: Election wagering still pales in comparison to sports betting.
- Americans adults wagered more than $23.1 billion on Super Bowl LVIII and $2.7 billion on March Madness this year, according to estimates from the American Gaming Association.
Between the lines: Given how much Americans are willing to bet on sports, political betting has the potential for massive growth in future election cycles.
Kalshi, Robinhood offer presidential election markets
Context: Election betting was cleared by a U.S. appeals court earlier this month, allowing Kalshi to offer markets on the presidential race and which party will control each chamber of Congress.
- Hundreds of millions of dollars had already been wagered on the 2024 election, but all of those bets were made in a legal gray area, Axios' Brady Dale reports.
Worth noting: Polymarket, a cryptocurrency-based events market that explicitly bans U.S. users, has seen hundreds of millions of dollars bet on U.S. politics this year.
- Robinhood announced its own presidential election market Monday, allowing U.S. citizens to bet on whether Trump or Harris will win.
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