Bloomberg Integrates Polymarket Election Data into Terminal

August 30, 2024 07:54 PM AEST | By Team Kalkine Media

Google News:

Bloomberg Integrates Polymarket Election Data into Terminal — Image source: shutterstock

Recent News

New Study: Wildfires Cause Months-Long Delays in Medical Care for At-R...

Wall Street analysts initiate coverage of eToro

NVIDIA stock gains as Huang kicks off European tour with UK his first...

Why a Corporate Climate Strategy Is Essential for Future Business Succ...

Bloomberg LP is set to integrate election odds data from the blockchain-based prediction market Polymarket into its Terminal platform, marking a significant development in the intersection of traditional finance and Web3 technologies. This move reflects the growing significance of prediction markets in assessing political trends and election outcomes.

The integration, announced in an August 29 post by Michael McDonough, Bloomberg's chief economist for financial products, will feature Polymarket’s data alongside other prediction markets and polling services, such as PredictIt. Bloomberg’s Terminal is a leading institutional financial data platform, commanding roughly one-third of the market share in financial data services and serving approximately 350,000 global subscribers.

Polymarket operates on the {Polygon} network and allows users to create and participate in bets on various event outcomes. It employs transparent on-chain data and smart contracts to facilitate transactions and payouts. This platform has become prominent for tracking real-time odds related to U.S. elections. For August, Polymarket reported a monthly trading volume nearing $450 million, and nearly $760 million has been wagered on the outcome of the November 4 U.S. presidential election.

As of August 29, Polymarket data shows Republican candidate Donald Trump with a slight edge over Democrat Kamala Harris, with odds of 50% compared to Harris's 48%. The platform has gained attention for its accurate forecasting; for example, it correctly anticipated that independent candidate Robert F. Kennedy Jr. would exit the presidential race before September 2024. Odds for this outcome surged from 8% to over 90% leading up to Kennedy’s August 23 announcement.

Polymarket faces competition from other platforms like Solana-based Drift Protocol’s BET platform, which surpassed Polymarket in daily trading volume for the first time on August 29. This increased competition highlights the evolving landscape of prediction markets and their growing role in political and financial analysis.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.