Crypto prediction markets, including Polymarket, Azuro, and Drift, saw a significant increase in volume and betting numbers in Q3 2024. The combined volume of these three players reached $3.1 billion, marking a 565.4% surge from Q2. The rise in activity is attributed to the upcoming US presidential elections, which have drawn global interest. Polymarket dominates the prediction markets, accounting for 99% of market share in September. Punters have placed bets worth $1.7 billion on the "US Presidential Election Winner" since early 2024, representing nearly 46% of Polymarket's yearly volume. Despite its growing popularity, Polymarket remains banned in the US due to non-compliance with the Commodities Futures Trading Commission (CFTC). However, a recent court ruling favoring election-based betting markets has led to speculation that Polymarket may re-enter the American market. To strengthen its dominance, Polymarket recently raised $70 million in a VC round.



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