Bloomberg taps polymarket predictive market data for election insights
Bloomberg LP has incorporated election odds data from crypto betting platform Polymarket into its famous Terminal service. The development, announced by Michael McDonough, Bloomberg’s chief financial products economist, on August 29, marks a significant step in the recognition of prediction markets as a valuable tool for political analysis.
Built on the Polygon network, Polymarket has quickly emerged as the go-to platform for tracking US election odds. The platform’s transparent on-chain data and smart contract-facilitated transactions have attracted significant attention, with monthly trading volume approaching $450 million in August alone. Approximately $760 million has been bet on the outcome of the upcoming November 4 US presidential election on this platform.
As of August 29, Polymarket data shows it is a close race, with Republican candidate Donald Trump holding a slight edge with odds of 50%, compared to Democrat Kamala Harris with 48%. are. This real-time data provides valuable insight into public sentiment and potential election outcomes and complements traditional polling methods.
Bloomberg Terminal, the world’s leading provider of financial data services with approximately 350,000 global subscribers and one-third of the market share, currently offers It features data from Polymarket along with odds.
The inclusion of Polymarket data in the Bloomberg Terminal reflects the financial industry’s growing acceptance of crypto-based prediction markets as a legitimate source of information. It also highlights the potential of blockchain technology to increase the transparency and efficiency of political predictions.
However, the success of polymarkets is not in doubt. Competitors such as Solana-based Drift Protocol’s BET platform are emerging, and BET recently surpassed Polymarket in daily trading volume for the first time on August 29th.
