Politics
Polymarket Election Betting: Best Alternatives For Betting On Trump vs Harris
Published11 hours ago on November 04, 2024
Betting outlets are taking last-minute wagers on the upcoming 2024 Election, as the votes will begin to be tallied on Tuesday evening. There are plenty of options when it comes to sportsbooks and other betting sites, but there are some stark differences between them and how gamblers go about putting their money down.
One of the newest ways to wager on certain events is through something called an “event contract”. According to one of the host sites, it is “a financial instrument that allows users to trade on the outcome of real-world events. If the event occurs, the contract settles at $1. If it does not occur, the contract settles at $0”.
Polymarket is one of the options for event contract trading for this year’s election. Is it legal? And how does it work?
Is Polymarket A Legal Way To Bet On The 2024 Election?
Like its counterpart in Kalshi, Polymarket has seen a huge boost in activity for the upcoming election. The site itself is reporting that users have already placed over $3 billion in bets on the outcome of the Presidential race alone, with more expected in the hours leading up to Tuesday.
Users buy the contracts (or what Polymarket calls “shares”), which represent future outcomes. They are priced between $0.01 and $1.00, based on the odds and likelihood of the event. Winning outcomes pay out $1.00.
But according to an exclusive report by Fortune, Polymarket activity exhibited signs of wash trading, a form of market manipulation where shares are bought and sold, often simultaneously and repeatedly, to create a false impression of volume and activity. It was found that around one-third of the entire trading volume surrounding the 2024 Election found signs of wash trading.
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Full Disclosure: Our betting experts have thoroughly researched and handpicked each product based on their direct experience. We may receive compensation if you sign up using our links.
Where To Find Vegas Odds For Election?
The more familiar and straight-forward option would be using one of the traditional sportsbooks. They will typically feature odds that are more in line with those put out by the Vegas oddsmakers, and finding them isn’t difficult at all.
A simple Google search for Vegas odds can yield plenty of results. Betting lines are of course most popular in sports gambling and wagering, for which sites like VegasInsider or VegasOdds can be the best for. But those types of outlets don’t always provide things like election odds, for which using one of the offshore sportsbooks like BetOnline can be most useful.
What Is The Best Election Betting Site For 2024?
When looking for the best all-around betting outlet for the 2024 Election, it is hard to look past a site like BetOnline. The offshore book features a robust betting menu that features favorable lines for both pro-Republican and pro-Democratic bettors, including each individual state results plus intriguing prop bets and parlays.
When choosing which sportsbook to deposit your money into, be sure to do some light research on things like odds and payout procedures. Also be sure to check if the events that you wish to bet on are available on the outlet’s odds board.
