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US Congress election bets pass 133M
The article reveals that bets on the outcomes of the U.S. midterm elections have exceeded $133 million, a figure surpassing the $92.4 million wagered during the 2024 cycle. The Anti-Corruption Data Collective predicts that betting could reach $1.6 billion if the current growth rate continues. This increase has sparked interest in the expanding election betting market, despite criticisms viewing it as akin to gambling. Market companies insist that these are tools for hedging and trading based on future event predictions. Data shows a significant rise in open markets on platforms like Calshi and PoliMarket, with comprehensive coverage of every congressional seat. Notably, the top 1% of portfolios control 68% of the trading volume. These activities coincide with regulatory challenges, especially given the thousands of electoral races, raising concerns about their potential impact on voter confidence and election results.
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