Polymarket, a platform for prediction markets, has recently appointed Nate Silver to its advisory board. With 80% of the wagers on U.S. elections, Polymarket has experienced rapid growth and amassed over $262 million in bets on the 2024 presidential race. Despite this, the platform is not accessible to U.S. users due to restrictions imposed by the Commodity Futures Trading Commission.
Backed by $70 million in venture capital from investors such as Peter Thiel’s Founders Fund, Polymarket is expanding its presence in the prediction market space. Silver, who is known for his accurate election forecasts, believes that prediction markets will become essential tools for investors to assess news and predict future outcomes. He emphasizes the role of probabilities in decision-making, highlighting the current debate within the Democratic Party about President Joe Biden’s re-election bid.
Shayne Coplan, the founder and CEO of Polymarket, expressed his excitement about welcoming Silver to the advisory board, mentioning his admiration for Silver’s work in election forecasting. Notably, users on the platform are currently favoring former President Donald Trump in the 2024 presidential race. In addition to his role at Polymarket, Silver will continue working on his Substack newsletter and a new book project.