The US midterms are no longer just a competition for votes and political power; they are also becoming a betting market on who wins. Platforms like Polymarket and Kalshi allow users to trade on political outcomes, with trading volume in US political betting markets exceeding $220 million during the current election cycle, according to Reuters. However, the stake is beyond money. Rising prospects can be mistaken for electoral momentum, big deals can change perceptions about a candidate's chances, and the resulting headlines can feed back into political debate.

The US midterms are no longer just a competition for votes and political power; they are also becoming a betting market on who wins. Platforms like Polymarket and Kalshi allow users to trade on political outcomes, with trading volume in US political betting markets exceeding $220 million during the current election cycle, according to Reuters. However, the stake is beyond money. Rising prospects can be mistaken for electoral momentum, big deals can change perceptions about a candidate's chances, and the resulting headlines can feed back into political debate.