Polymarket Sees Surge in Biden Dropout Bets Giving it a 62% Chance of Happening

Polymarket’s odds for President Joe Biden dropping out of the elections soared to over 70% after a New York Times report.

On Wednesday morning, Polymarket bettors had placed wagers on a 55% chance that Biden would step down from the presidential race. Following the New York Times report, which suggested Biden was reconsidering his future in the White House post-November, those odds shot up to 70%. Chances of Biden dropping are now at 62% at time of writing.

The New York Times quoted an unnamed member of Biden’s camp, who mentioned that the U.S. President views beating Donald Trump on the ballot as unlikely. White House spokesperson Andrew Bates quickly denied the story on X, stating it was untrue.

Biden’s health has been a recurring topic of concern, adding to the momentum of Polymarket’s “Biden drops out of presidential race?” pool. So far, bettors have placed over $10.8 million worth of bets on Biden’s future.

Consequently, Kamala Harris’s chances of securing the Democratic nomination have also increased from 23% yesterday to 40% at time of writing, with Biden’s chances at 46%.

In the race for the U.S. presidency, Donald Trump remains the favorite at 62%, a slight drop from 65% the previous day, followed by Kamala Harris at 16% and Joe Biden at 13%.