With Canada’s election on the way, there has been a lot of talks about the potential outcome of the election. Polymarket, a prediction market that requires its users to “put their money where their heart lies,” so can be considered a more fair judge of how the citizens see the outcome of the election.
Polymarket is a news/ betting platform where users are expected to predict the outcome of events in and out of the crypto world. For instance, “will BTC hit $60, 000 before September 30? YES/NO” or “will Texas be the first U.S state to adopt Bitcoin as a legal tender? YES/NO.” Just like regular bets, the odds change based on which side more people are voting.
Two questions about Canada’s election have popped up on the Polymarket news prediction page and many users have placed their bet. The first question “Will the Liberal Party win a majority in the 2021 Canadian federal election?” the result for this has “no” trading at 84 cents while “yes” takes the remaining quota, 16%. The second question which is slightly different, is “Will the Liberal Party win the most seats in the 2021 Canadian federal election?” the result for this has “yes” trading at 78 cents and “no” at 22 cents.
This is one of the future uses of the Polymarket, where people are encouraged to stay updated with news worldwide while also staking their money and winning. We look forward to Canada’s election result to consider how accurately people have voted on the Polymarket platform.