Bloomberg by adding Polymarket selection data to the terminal
Bloomberg LP, a financial information and news service, is adding odds data from crypto betting platform Polymarket to its terminal, according to Michael McDonough, chief economist for Bloomberg Financial Products, in an August 29 post.
The combination highlights the importance of prediction markets in analyzing political trends and electoral probabilities. It also highlights the increasing adoption of Web3 by traditional financial institutions.
Bloomberg will feature Polymarket odds for the U.S. presidential election results with data from other prediction markets such as PredictIt and polling services, according to the article.
Bloomberg Terminal is the world's most popular institutional financial information platform. It controls one-third of the market share for financial information services, according to the Wall Street Prep. It has nearly 350,000 subscribers worldwide.
Bloomberg is adding election odds data from Polymarket. Source: Bloomberg
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Polymarket is a blockchain-based prediction market built on the Polygon network. It allows users to create and play various event outcomes and uses transparent onchain information and smart contracts to facilitate trade and payments.
Polymarket has emerged as a platform for tracking real-time odds on US elections, according to Dune Analytics.
A total of nearly $760 million was bet on the platform on the results of the November 4 US presidential election, according to Polymarket. As of August 29, Republican nominee Donald Trump has a slightly better chance than Democrat Kamala Harris, with Trump at 50% and Harris at 48%.
Solana-focused news account Solana Floor posted on XPost that Polymarket faced challenges from its competitors as Solana-based Drift Protocol's BET platform surpassed Polymarket's daily transaction volume for the first time on August 29.
In August, Polymarket's naysayers correctly predicted self-styled presidential candidate Robert. F. Kennedy Jr. will drop out of the presidential race before September 2024. Chances are, RFK Jr. He rose from 8% to 90% before his August 23 speech, during which he suspended his presidential bid.
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