PredictIt Opens 2024 Presidential Betting Market, Biden Early Favorite, Trump Lurking

The 2024 presidential election is still more than 1,100 years out, but online political betting change PredictIt is already allowing its bettors to buy and sell shares of the outcome.

President Joe Biden said spell political campaign last twelvemonth that he was a transitional candidate, a whimsey that he would help only when unity term. Biden’s goal is to bridgework the presidential term from former President Donald Trump to a younger principal inward the Democratic Party inward 2024.

Still, rough triplet years from when Americans will decide the next commander-in-chief, PredictIt bettors say Biden is the soul to beat. The freshly opened marketplace has the president’s shares trading at 29 cents. His predecessor Trump trails faithful at 26 cents.

VP Kamala Joel Harris is tertiary at 16 cents, and Republican River Florida Gov. Ron DeSantis fourth at 11 cents. No other candidates are presently existence traded. During the initial sevener hours of the PredictIt market, more than 20,000 shares were traded.

A PredictIt market that has been undecided for several months asking which political party testament win the Andrew Dickson White House inward 2024 has Democratic shares are at 53 cents, and GOP shares at 47 cents. Libertarian and Green River political party shares are at II cents.

PredictIt for Dummies

Since it’s been some time since we’ve covered PredictIt, here’s a warm recap.

Political betting inward the United States is mostly illegal. No sound sportsbook has been permitted to offering betting odds on the outcomes of elections or other political events.

PredictIt, however, operates lawfully inward the US through and through a no-action succor varsity letter it was issued by the US Commodity Futures Trading Commission in October of 2014.

PredictIt is owned and operated past the Victoria University of Duke of Wellington inward New Zealand. The university utilizes PredictIt inwards a non-profit capacity, applying data to political research, forecasting, and polling.

PredictIt users are limited to betting up to $850 per trading market.

Better Luck This Time Around

PredictIt is hoping its 2024 election nighttime goes a great deal smoother than it did on Tuesday, November 3, 2020.

With sports betting continuing to expand crossways the country, many Americans were surprised to get word that betting odds on the Trump-Biden outcome were non de jure available. The 2024 betting betting odds — both on PredictIt and in the UK where such gaming is permitted — attracted an copiousness of media coverage, including on election night.

As a result, PredictIt experienced unprecedented traffic to its online political platform causation it to crash. The land site sledding offline prevented traders from accessing their accounts on PredictIt’s most important night inwards its history. The change was down feather for to a greater extent than 12 hours, eventually reverting online tardily the next day.

In the lede upwardly to this year’s election, PredictIt made significant upgrades and substantive investments to step-up the mental ability of the platform’s performance. Just as we saw historic levels of widening in the election, we also saw historic levels of activity on our site,” explained John Lackland Philips, PredictIt co-founder. “We realize that this was improbably frustrative to our trading community… I expect for your patience.”

Outraged users who missed money because of the break apart voiced a different tone.

“You’ve had tetrad years to train for this day. Four whole years … yet you guys stock-still managed to screw this up,” stated PredictIt punter Greg Ledet.