The current betting odds on the cryptocurrency gambling platform Polymarket suggest that President Joe Biden has a one in three possibility of withdrawing from the upcoming US presidential race.

Polymarket offers users the opportunity to wager on the results of a wide range of events, spanning from entertainment and sports to political scenarios.

The bet regarding Biden will be settled as a “Yes” if he formally declares his withdrawal from or is verified to have pulled out of the 2024 US presidential race. It will resolve as a “No” if he remains a candidate on the ballot on November 5th. Additionally, the bet will resolve as a “Yes” if unforeseen circumstances hinder the current president from proceeding with the race.

After his much-criticized debate performance against former President Donald Trump on CNN last week, there has been intense speculation about Biden’s future in the presidential race. Despite many of Trump’s assertions during the debate being disproven by fact-checkers, the majority of commentators and poll respondents declared the former president as the winner of the event.

Trump is presently the clear favorite on Polymarket to secure victory in the US presidential election, with the platform assigning him a 65% chance of winning. Biden’s odds stand at 21% (down from approximately 34% before the debate), while Vice President Kamala Harris is at 5%. At the time of writing, Polymarket users have collectively wagered over $207 million on the election.

In May, notable investors such as Peter Thiel’s Founder’s Fund, Ethereum (ETH) co-founder Vitalik Buterin, and others like Dragonfly and ParaFi invested $70 million in the crypto betting platform.

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