Polymarket, a decentralized prediction platform, achieved a significant milestone by hitting $100 million in monthly trading volume for the first time in June. This surge in activity coincides with growing interest in the 2024 U.S. presidential election, drawing gamblers to place substantial bets on the race's outcome.

As of now, the "Presidential Election Winner 2024" market on Polymarket has amassed $203.3 million in bets across 17 different prediction markets, featuring "Yes" or "No" options. Former President Donald Trump leads the pack with 62% odds, attracting $24.7 million in wagers. Current President Joe Biden trails with $23.9 million in bets and has seen his odds drop from 34% to 21% following a less-than-stellar debate performance on June 28.

Speculation is also rising around other potential Democratic candidates. Figures like Gavin Newsom, Kamala Harris, and Michelle Obama have gained traction, especially as some pundits suggest Biden might consider withdrawing from the race. This has led to increased betting activity on markets predicting Biden's potential dropout, with "Biden drops out of presidential race" and "Biden drops out by July 4" seeing 43% and 9% odds, respectively, and over $10 million in bets.

Meanwhile, markets for long-shot candidates like Kanye West and Elizabeth Warren show less than a 1% chance of winning the presidency, though they still attract some betting interest.

Polymarket's June trading volume reached $109.9 million, driven by its operation on the Ethereum sidechain Polygon. This is a substantial increase from the $38.9 million to $63 million range observed between January and May, marking a 620% jump compared to the previous five months (August-December 2023). The platform's total value locked (TVL) has also seen a significant rise, now standing at $40.2 million, up nearly 69% in the last 30 days, according to Token Terminal data.