Bloomberg Embraces Polymarket Prediction Market Data for Election Insights
Bloomberg LP has incorporated election odds data from the crypto betting platform Polymarket into its renowned Terminal service. This development, announced on August 29 by Bloomberg's chief economist for financial products, Michael McDonough, marks a significant step in the recognition of prediction markets as valuable tools for political analysis.
Polymarket, built on the Polygon network, has rapidly emerged as a go-to platform for tracking U.S. election odds. The platform's transparent on-chain data and smart contract-facilitated trades have attracted significant attention, with monthly trading volumes approaching $450 million in August alone. The platform has seen nearly $760 million wagered on the outcome of the upcoming November 4 U.S. presidential election.
As of August 29, Polymarket's data shows a tight race, with Republican candidate Donald Trump holding a slight edge at 50% odds, compared to Democrat Kamala Harris at 48%. This real-time data provides valuable insights into public sentiment and potential election outcomes, complementing traditional polling methods.
The Bloomberg Terminal, a powerhouse in the world of financial data services with approximately 350,000 global subscribers and a third of the market share, now features Polymarket's odds alongside data from established prediction markets like PredictIt and traditional polling services.
The inclusion of Polymarket data in the Bloomberg Terminal reflects the financial industry's growing acceptance of crypto-based prediction markets as legitimate sources of information. It also highlights the potential for blockchain technology to enhance transparency and efficiency in political forecasting.
Polymarket's success hasn't gone unchallenged, however. Competitors like the Solana-based Drift Protocol's BET platform are gaining ground, with BET recently surpassing Polymarket in daily trading volume for the first time on August 29.
