The US presidential election sparked a frenzy of activity on prediction platforms, propelling Kalshi and Polymarket to the top of the Apple App Store charts. On November 5th, Kalshi, a federally regulated betting platform, secured the number one spot in both the free app category and the ‘Finance’ category. Meanwhile, Polymarket, a cryptocurrency-based platform, climbed to the top of the ‘Magazine & Newspapers’ and ‘News’ categories.
This surge in popularity was nothing short of remarkable. Just ten days prior, Kalshi was ranked 55th in the free app category. Similarly, Polymarket jumped from the 108th spot to the second position in the free app category on October 29th.
The driving force behind this explosive growth was the public’s intense fascination with predicting the election’s outcome. Both platforms offered users the chance to wager on various election-related markets, encompassing everything from swing state races to the presidential contest winner. However, it’s worth noting that only Kalshi is available to US users.
Polymarket, the arguably hottest prediction market currently, saw an astonishing $3.6 billion wagered on the presidential race’s outcome. In contrast, Kalshi’s presidential contract attracted a significantly smaller investment of around $440 million.
The election results themselves sparked further excitement. Donald Trump was declared the winner after a fiercely contested battle against Democratic rival Kamala Harris. This victory led to a notable payday for one French bettor known as Theo, who earned an impressive $50 million on Polymarket. On the other side of the coin, Harris’s biggest backer, Redegen, suffered a substantial loss of around $6.7 million.
The dramatic rise of Kalshi and Polymarket during the election highlights the growing appeal of prediction platforms. As these platforms continue to evolve and gain traction, they could significantly influence the way people engage with political events and even potentially impact the outcome of future elections.
