Polymarket bets 39% chance that Biden drops out of 2024 election

The odds that U.S. President Joe Biden would drop out of the upcoming presidential election reached 39% on the decentralized prediction market platform Polymarket.

The “yes” bet soared to its highest-ever today following the presidential debate between Biden and Trump last night. Polymarket’s “Biden drops out of presidential race?” has attracted nearly $7.1 million worth of bets from users.

The debate between the presumptive election candidates for the Republican and Democratic Party worsened concerns surrounding Biden’s eligibility to serve another four years as U.S. President, according to a BBC report . During the 90-minute debate, the current U.S. leader raised eyebrows by his performance being “flat” and “unclear,” BBC said.

Last night’s debate also led the Democratic Party to consider Biden’s performance as a “liability,” a report from The Guardian said, while it stated that replacing Biden would be “very unlikely.”

In another Polymarket bet on the winner of the 2024 presidential election, with over $190 million being wagered, 63% predicted that Trump would win, while 21% bet on Biden’s victory.

Meanwhile, the price of Jeo Boden, the meme token themed after the U.S. President, has fallen 26% in the past 24 hours, according to CoinGecko . Other politics-themed tokens including those named after Trump, have also dipped during that time frame. 

The next U.S. presidential election is scheduled to take place on Nov. 5, 2024.