Kalshi Accepts USDC Deposits to Bet on Election Outcomes
Election betting platform Kalshi has moved to become more crypto-friendly ahead of the U.S. election by adding USD Coin deposits. Confirmation came from Kalshi on October 28 in a move that shows their commitment to competitiveness in an easy-to-use manner as the market for election betting heats up.
Competition Heats Up with Polymarket in the Lead
With more entrants into the election betting space, Polymarket has maintained a clear market lead as a Web3-native betting marketplace. The website had hosted an incredible $2.6 billion in betting volume as of October 23. Kalshi, however, is scaling pretty fast. To date, the trading platform has close to $87 million in bets on its flagship election market, “Who will win the Presidential election?” since its listing on October 7.
Robinhood Joins the Fray
On October 28, Robinhood also began offering election contracts to some customers, further fragmenting the number of platforms on which the public can speculate on the outcome of the U.S. presidential contest. The Robinhood move illustrates a broader industry trend toward allowing crypto-based election betting, albeit on a decidedly smaller scale than more specialized platforms like Kalshi and Polymarket.
Regulatory Concerns and Market Sentiment
Kalshi’s foray into election prediction markets comes after a recent court victory let it legally offer event contracts on such speculation. But the greater meaning remains to be seen, as U.S. regulators have blown cold on such election prediction markets, citing potential impacts on electoral integrity. Proponents say the platforms deliver a more accurate read of the public mood than traditional polling.
Trump Favored to Win According to Betting Platforms
With former President Donald Trump leading firmly on both Kalshi and Polymarket, the odds give him a 62% to 66% probability of winning. That’s a good outlook, and it aligns with Trump’s pledge to make the U.S. a “crypto capital” opposed to Vice President Kamala Harris’s more subdued approach to cryptocurrency. As the U.S. election approaches, investors and political enthusiasts alike will be closely following just how well the flow of voter sentiment is captured by outlets like Kalshi and Polymarket, and their drive of market trends.
