It has been reported that U.S. users placed political bets totaling 570 million USD on the prediction market platform Polymarket over the past year.
According to CoinDesk on July 5, on-chain analytics firm Allium reported that the volume of political betting transactions by Americans on Polymarket reached 571 million USD, ranking first among all countries worldwide.
Despite Polymarket’s efforts to block access for American users, some have managed to circumvent these restrictions.
Polymarket operates on blockchain technology, bypassing traditional financial intermediaries like banks or brokerages. Users can engage in transactions without creating an account or verifying their identity, requiring only a virtual private network (VPN) and a digital wallet.
The betting preferences of American users differed notably from those in other countries. Geopolitical markets constituted 46% of political bets placed by U.S. users, surpassing the global average of 36%.
In contrast, election-related wagers accounted for just 16% of bets, roughly half the overall average of 32%. This suggests American users are more inclined to bet on foreign conflicts and international affairs compared to their global counterparts.
Notably, five of the top 12 betting topics by transaction volume among American users were related to potential conflict with Iran.
The most popular bet, attracting around 20.8 million USD in funds, centered on whether Ukrainian President Volodymyr Zelenskyy would wear a suit.