Polymarket taps Nate Silver as advisor ahead of US election

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As an experienced financial analyst with a strong background in predictive modeling and blockchain technology, I am thrilled to see Nate Silver join Polymarket’s advisory board. His renowned expertise in statistical analysis and election forecasting will significantly contribute to Polymarket’s mission of building accurate and reliable prediction markets.

Nate Silver, the renowned statistician, has been brought on board by Polymarket, a prominent prediction market that operates on the blockchain, to provide guidance.

The high volume of bets on U.S. elections being handled by Polymarket signifies its rapid growth, as it now manages an impressive 80% of all wagers in this area.

Silver functions as a writer and journalist for Polymarket, contributing efforts towards constructing their forecasting models based on current news occurrences.

Shayne Coplan, founder and CEO of Polymarket, expressed his excitement: “Growing up, I’ve admired Nate’s work on election forecasting. It’s a privilege to have him join Polymarket’s advisory board now. Throughout his career, Nate has significantly influenced the acceptance of political forecasting. With Polymarket becoming a go-to platform for election predictions this season, Nate’s expertise will be invaluable in advancing our services further.”

Axios was the first to report this news on Tuesday.

Polymarket

Established in 2020 by Shayne Coplan, Polymarket is a betting platform where people can place wagers on various outcomes. This platform has gained significant attention, particularly for U.S. presidential elections. To date, over $262 million worth of bets have been made for the 2024 presidential race. At present, former President Donald Trump is the frontrunner among users.

Polymarket, which has seen significant success, unfortunately does not offer its services to users based in the United States. This is a result of restrictions imposed by the Commodity Futures Trading Commission. The platform processes all transactions internationally and is working on introducing a regulated product within the U.S. market. To date, Polymarket has facilitated over $400 million in trades this year, with particularly high activity during the first presidential debate.

Trump’s support on Polymarket reached approximately 70% after the latest assassination attempt, which is a figure he often shares on Truth Social.

With a $70 million investment from heavyweight backers like Peter Thiel’s Founders Fund, Polymarket is expanding its presence in the realm of prediction markets.

Who is Nate Silver?

Silver, known for his precise predictions of the 2008 election results on FiveThirtyEight, is convinced that prediction markets will prove indispensable for investors in evaluating current events and forecasting future occurrences.

Silver underscores the significance of considering probabilities when making choices, drawing attention to the ongoing dispute among Democrats regarding President Joe Biden’s potential re-election. In addition to counseling Polymarket, he will carry on with his Substack newsletter and a forthcoming book project.

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2024-07-16 21:54