Following a pivotal report by The New York Times suggesting President Joe Biden is contemplating his future in the 2024 race, traders on Polymarket have significantly raised the odds of the Democrat dropping out, nearing 80% as of Wednesday.
The surge marks a stark increase from 55% earlier in the day, culminating a tumultuous week in Polymarket’s “Biden drops out of presidential race?” market, which has attracted close to $10 million in wagers. Prior to last week’s debate with Donald Trump, the odds stood at a mere 20%.
Speculation in Washington has intensified over Biden’s viability in the 2024 election, particularly following a debated performance that highlighted concerns about his age. The New York Times report underscores Biden’s perception of a narrow window to salvage his electoral prospects.
According to The New York Times, an unnamed ally of Biden expressed concerns about the impact of future events on his candidacy: “He knows if he has two more events like that, we’re in a different place.”
Responding to the report, a spokesperson from the White House refuted its claims, categorically stating its falsehood.
The evolving situation on Polymarket reflects heightened uncertainty surrounding Biden’s political future, amid growing scrutiny and shifting dynamics within the Democratic party ahead of the 2024 elections.
