Polymarket Trader Loses $2M on Biden’s Withdrawal from Race

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President Biden’s unexpected decision to step down as the Democratic nominee has sent shockwaves through political betting markets. One Polymarket user, AnonBidenBull, saw their $2 million bet evaporate overnight.

The political landscape was dramatically altered when President Joe Biden announced his decision to step down as the Democratic Party’s nominee for the upcoming election. This unexpected move has not only reshaped the political arena but also sent ripples through betting markets like Polymarket.

Trader ‘AnonBidenBull’ is down nearly $1.3 million on his Biden bets.

He’ll lose $2 million if Biden drops out. pic.twitter.com/7giztovQj6

— Polymarket (@Polymarket) July 19, 2024

>> Also read: Biden Exit Triggers 60% Crash in Family Memecoins, Kamala Harris-linked Token Surges

One Polymarket trader, known as AnonBidenBull, experienced a significant financial loss in the wake of Biden’s announcement. The trader had placed substantial bets on three outcomes: Biden winning the 2024 nomination, securing the Presidential election, and clinching the popular vote. Following the President’s withdrawal, the value of these positions plummeted by 99%, resulting in a staggering $2 million loss.

While AnonBidenBull’s story serves as a cautionary tale, other traders found themselves on the fortunate side of this political upheaval. One such trader had wagered nearly $12,500 on Vice President Kamala Harris becoming the 2024 Democratic nominee. Although her nomination isn’t yet confirmed, Polymarket currently places her odds at 79%. As a result, the value of this trader’s position skyrocketed by over 6,000%, potentially reaching nearly $769,000.

The recent turn of events has drawn increased attention to Polymarket, with crypto traders flocking to the platform in recent weeks. Speculation about Biden’s potential withdrawal had been growing, fueling interest in political betting markets. In a move to bolster its credibility, Polymarket recently brought on Nate Silver, the renowned election statistician and founder of FiveThirtyEight, as an advisor.

This incident highlights the volatile nature of political betting markets and their sensitivity to unexpected events. It serves as a reminder of the high-risk, high-reward nature of such platforms, where fortunes can be made or lost based on political developments.

As the dust settles on Biden’s announcement, all eyes are now on the Democratic Party’s next moves and how they will impact both the political landscape and the betting markets that shadow it.

>> Read more: 2024 U.S. Presidential Election Series