During the first hour of the 2024 presidential debate, former President Donald Trump’s odds of winning the election soared on the PredictIt betting market. Known as a “stock market for politics,” PredictIt saw Trump’s chances increase by over 10% before 10 p.m. EST, reaching a new high of 63%. The debate, which began at 9 p.m., significantly impacted market perceptions.

The Kobeissi Letter, a leading newsletter on global capital markets, reported this surge in Trump’s odds, highlighting the dramatic shift in market sentiment. Conversely, President Joe Biden’s odds of securing a second term dropped from 48% to 37%.

PredictIt, an online political prediction market, operates similarly to a stock market, allowing users to bet on various political outcomes. Bets on the platform are limited to $850 to comply with regulations from the Commodity Futures Trading Commission. However, the site often runs multiple variations of the same question, enabling users to have substantial stakes on a single outcome.

The surge in Trump’s odds reflects a broader market belief that he will be the next president. This shift is attributed to his performance during the debate, which appears to have positively influenced bettors’ confidence in his candidacy.

John Phillips, co-founder of PredictIt, has previously explained that the platform’s accuracy is due to its attraction of individuals with superior information, often current or former campaign staffers. These insiders, Phillips noted, contribute to the market’s reliability by using their specialized knowledge to make informed bets.

As the 2024 election approaches, the PredictIt market will continue to be a barometer of public sentiment, reflecting the evolving dynamics of the presidential race. The debate’s impact on betting odds underscores the significant influence such events have on market perceptions and the broader political landscape.