Crypto enthusiasts placing bets on Thursday’s general election in the UK favored the Conservatives. Staking funds on the Ethereum-powered prediction marketplace Augur, they got it right. Shortly after the election, the BBC forecast that the Tories would win a majority of 74 seats, marking what British Prime Minister Boris Johnson called a “powerful mandate to get Brexit done.”
The $200,000 UK election wager is just one of over 2,800 markets that users can browse on the website Predictions.Global.
According to the site’s founder Ryan Berckmans, formerly a senior engineer at Augur, the platform is just heating up. He predicts users will stake $10 million on the upcoming 2020 US presidential election.
Augur is going to be an absolute monster in five years.
Augur has $200k wagered on the UK election today.
$1.5M on the 2018 midterm election.
Expect $10M+ on the 2020 election.
Why would Augur be the only extremely successful end-user app built on Ethereum?
— Ryan Berckmans (@RyanBerckmans) December 12, 2019
Politics ranks as one of the leading categories on the platform, with the UK election in first place, claiming the highest staking volume.
Leading up to the US election in November, there are a host of related political predictions. Currently $13K is wagered on Donald Trump as the Republican nominee.
That number declines when asked if a nominated Trump will get inaugurated.
Total betting volume on Augur across all markets is currently $2,756,022.75. The platform is planning to launch a new version of its user interface, along with other upgrades, in the first quarter of 2020.