Election betting is heating up as trading volumes near $4 billion, with Polymarket leading the charge despite being barred in the US. Newcomers like Kalshi, Robinhood, and Interactive Brokers have quickly gained traction, collectively attracting over $500 million in bets. Donald Trump is currently favored across platforms, with Polymarket giving him a 62% chance of winning.

Kalshi made history by launching US election contracts after a court victory, sparking fierce competition. However, Polymarket faces scrutiny over alleged wash trading, raising manipulation concerns. Despite regulatory challenges, these markets are seen as capturing public sentiment effectively.