Home News Alt Coins Decentralized Betting Platform, Augur Records $2 Mn in Bets in US Midterms

Decentralized Betting Platform, Augur Records $2 Mn in Bets in US Midterms

November 08, 2018 13:18
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Any political event that was most carefully watched around the world in recent times was the US midterm elections, which witnessed Democrats making through the 50 per cent of the seat in the House of Representatives. This election also proved to be an important test for decentralised forecasting platform, Augur.

In the run-up to the US mid-term election, Augur had recorded over $2 millions in bets on the outcome of elections. Augur co-founder, Jeremy Gardner stated, initially bets reached the $900,000 and eventually it surpassed the $2 million mark. Betfair, the world’s largest betting platform has received $3 million in bets for the election event.

Augur has been witnessing a steady increase in popularity since its launch and was the third largest betting platform after Betfair and PredictIt. This week, it became the second largest platform with roughly $1.3 million worth Ether at stake.

According to a news report in cryptobriefing.com, the spike in bets in Augur platform was due to two whale placements on Nov. 2nd. It started out when one participant placed 1000 ETH bet on the Republicans to win the house and later on the same day, other participant placed 1,500 ETH bet on Democrats.

“In the midterm market, one whale posted a substantially large order on the Republicans that was priced above the market rate”, the source said. “The other trader was able to quickly identify the trade to take the other side.”

This led to a series of intense betting between the two parties, one placing higher bets than other, and by the weekend the amount at stake ballooned to approx $500,000 worth of ETH, and by Monday, it reached $800,000, making Augur largest betting platform at one time. Both the whales approximately contributed around 75 per cent of the Augur midterms market.

This is one of the promising progress for the decentralised betting platform since its main net launch four months ago. According to DappRadar, Augur has recorded a volume of over 4,000 ETH in the last 24 hours.

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