Polymarket Sets Position on Venezuelan Election Bet Outcome

Polymarket, the cryptocurrency-based prediction markets platform, explained its position regarding the bet on the Venezuelan presidential election. While opposition forces alleged that voting fraud had been committed, President Nicolas Maduro, who led the bet most of the time, was proclaimed on June 29 by National Electoral Council authorities. “People deserve honest answers about the future of their governments, even if it upsets them,” the platform declared, hinting at the inclusion of these unforeseen situations as part of the bet. Harry Kane, a statistics professor at Rutgers University, stated that “stealing votes and other kinds of election fraud are priced in by the betting markets,” stressing that they serve to predict what would happen, not how. However, the bet has yet to be finalized as several proposed outcome proposals have been disputed.

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