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US Congress election bets top 133M
The article highlights a significant increase in betting on the outcomes of the upcoming U.S. Congressional midterm elections scheduled for November, with the total amount wagered exceeding $133 million so far. This surpasses the betting activity for the 2024 elections, which amounted to $92.4 million. Research groups predict that the total value of bets could reach $1.6 billion if activity continues at the same pace. Data indicates a substantial expansion in prediction markets, with platforms like "Poli Market" and "Calshi" opening a large number of election-related markets—over 16 times more than in 2024. This growth has raised regulatory concerns that these platforms may be functioning as gambling sites, despite companies emphasizing that these are financial markets allowing users to hedge risks based on their predictions of election outcomes.
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