4 Platforms Where You Can Bet on U.S. Election Outcome

4 Platforms Where You Can Bet on U.S. Election Outcome

By D3F1 | DeFi Box | 4 Nov 2020


So far, the US Presidential Election has been quite turbulent. With Coronavirus spreading through the population, the majority of votes cast were through the mail. For this reason, it seems that some crucial states are delayed in the counting of these votes, and there is still time for them to reveal the winner.

In the meantime, this provides us with more time to bet on the outcome of the election in crypto.

Here are the top 4 ways to place bets on the outcome of this ongoing election;

1. Polymarket

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Overview: This platform allows any registered user to bet on the outcome if Trump wins the 2020 US Presidential Election. If you believe that he will win, you will vote Yes. If you believe Biden will win, you can vote no.

To vote on Polymarket, you need to have USDC coins inside your wallet. They have around $7 million in total volume, with $181K in liquidity. Currently, it seems that the majority believe that Trump will not win as the token price is very low.

  1. Head to Polymarket and hit ‘Sign Up.’ Go through the regular sign up procedure by confirming an email address and creating a username.
  2. Deposit USDC into your new account.
  3. Choose Yes if you believe Trump will and No if you believe Biden will win.
  4. Buy the outcome of your decision.
  5. Confirm the number of estimated shares bought and hit Buy.
  6. Congratulations! You have cast your prediction.

2. Augur

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Overview: This platform allows anyone who connects their MetaMask to the Dapp to bet on whether or not Donald Trump will win the election. You can also login via email through Formatic & Portis or choose to sign in directly through your Google account. So far, around 69% of the votes are cast for “no” as people think he will not succeed.

You can place bets in either ETH or DAI on Augur. There is a total of $550K volume with $452K in open interest and placed bets on the market. 

  1. Connect Metamask to Augur or sign in via email or Google Account.
  2. Acquire either ETH or DAI to place bets.
  3. Choose Yes if you think Trump will win or No if not. 
  4. Confirm the number of shares you would like to buy of the outcome you believe, and hit “follow link to trade.”
  5. Accept the disclaimer.
  6. Wait for the market to load.
  7. Hit “Place Buy Order.”
  8. Congrats! You have cast your prediction.

3. Omen

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Overview: This platform allows anyone with a MetaMask/WalletConnect wallet to bet on the outcome if Joe Biden wins the election. So far, most of the votes have been cast for Joe Biden winning the 2020 election.

Votes are cast in DAI, and, in total, there has been around $261K in trading volume so far.

  1. Connect Metamask to Omen.
  2. Acquire DAI Token.
  3. Hit “Buy” to buy votes.
  4. Select either “Yes” if you believe Biden will win or “No” if Trump will win.
  5. Confirm the amount of DAI you would like to bet with and hit “Buy.”
  6. Congrats!

4. FTX Exchange

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Overview: This platform allows anyone registered to the exchange to bet on the outcome if Trump will win the election. All votes are cast in USD, and, in total, there has been over $16 million in volume on this market.

There are additional markets for the outcome of the election. For example, you can also bet on if Biden will win the election, which has $5.5 million in trading volume.

These are futures contracts. If you are betting on the TRUMP futures contract, it will expire at $1 if Trump wins the election - otherwise, it will expire at $0. The same concept applies to the Biden market. You will need to verify your identity and pass KYC before placing votes here because there are restricted jurisdictions on this market.

  1. Sign up to FTX Exchange and verify identity.
  2. Deposit BTC/ETH and sell for USD. Or just deposit USD straight away.
  3. Buy the futures contract if you think Trump will win. Sell the contract if you think he will lose.
  4. Execute the buy order.
  5. Congrats, you are now holding futures contracts on the outcome of the election. If you bought it and he does win, you will see it rising to $1, at which point you can sell it. If you shorted it (sold it) and he loses, it will drop to $0, and you will see a profit.

D3F1
D3F1

Yet another defi fan


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