The post How Does Polymarket Work: Is It Legit & How Does It Make Money? appeared on BitcoinEthereumNews.com.

Polymarket is an decentralized prediction market where users can bet on a variety of outcomes, ranging from election results to sports, pop culture, cryptocurrency price movements and even scientific breakthroughs. In this article, we will explain how Polymarket works and show you how to make bets on the platform. Although it doesn’t hurt to have some experience with crypto, it’s relatively easy to get started with Polymarket even if you’ve never used cryptocurrency or dont own any crypto coins. Key highlights: Polymarket is a prediction marketplace that utilizes blockchain technology. You can use Polymarket to bet on various events such as election results, sports, crypto prices and much more. In order to make bets on Polymarket, you will need a crypto wallet that is compatible with the Polygon blockchain and some USDC tokens. Polymarket is a legit platform, but it’s currently not offering its services to U.S. residents. How does Polymarket work? On Polymarket, users purchase shares representing the outcome they’re betting on. After the event happens, shares of the correct outcome can be redeemed for $1, while shares of wrong outcomes become worth $0. In order to explain how Polymarket works, let’s use the platform’s 2024 U.S. presidential election markets as an example. As you can see, there is a list of candidates that could potentially win the U.S. presidential election, ordered by their odds.  At the time of writing this article, bettors are giving the biggest chance to Donald Trump, who is sitting at a 52% chance of winning the election. Kamala Harris is in second place with a 45% chance of winning, and Michelle Obama is sitting in third, with the market giving her a 2% chance of winning. There are also numerous other candidates that have a chance of less than 1%. For each candidate, you…

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Filed under: News - @ August 6, 2024 2:22 pm