French trader bet over $28 million on Trump election win using 4 Polymarket accounts
Publishing timestamp: 2024-10-24 16:26:59
Summary
A French trader with extensive experience and financial background has built a massive pro-Trump position on Polymarket, betting over $28 million on the Republican nominee to win the 2024 presidential election. Polymarket confirmed that all four accounts are controlled by the same trader, who funded the accounts from a centralized crypto exchange. The company has found no evidence of manipulation but is under scrutiny as political betting markets play a more prominent role in the election cycle. Trump's supporters believe the widening odds gap on Polymarket indicates growing support for Trump, despite national polls showing a close race. Elon Musk has stated that betting markets are more accurate than polls. Polymarket emphasized that prediction markets measure the likelihood of an event occurring, not the percentage of people intending to take action. The trader has agreed not to open further accounts without notice, and Polymarket is currently banned for U.S. traders. Kalshi and Interactive Brokers have launched political betting contracts, with the CFTC challenging Kalshi's right to host those bets.
Sentiment: NEUTRAL
Tickers: IBKR,
Keywords: elections, prediction markets, elon musk, politics, kamala harris, voting, business news, breaking news: politics, political polling, interactive brokers group inc, gambling, government and politics, 2024 united states presidential election, donald trump,
Source: https://www.cnbc.com/2024/10/24/polymarket-trump-french-election-bet.html