$80 Million Wagered on Polymarket on Joe Biden's Political Future

Polymarket saw nearly $80 million in bets on various contracts related to Joe Biden's political future. The largest pool asked bettors to pick the Democratic nominee, with $51.5 million at stake directly on or against Biden. Another $27.5 million was pooled on bets speculating on whether Biden would drop out of the race. Traders had given a significant edge to Biden dropping out in the days before the announcement was made, with the market shooting up to 100% in the moments prior to media coverage of the announcement. One trader lost nearly $1.8 million on the Biden contract, while another lost nearly $647,500 on a specific bet related to Biden's resignation.