Betting Platform Users Stake Money On Ahead Of 2027 Presidential Election As Tinubu And Obi Leads
Ahead of the 2027 general election, users of Polymarket, a decentralised global prediction platform, have started staking money on the candidate likely to win Nigeria’s presidential race.
Checks by Newsmen on the platform’s portal on Monday show that President Bola Tinubu is currently leading the predictions.
Tinubu holds a significant lead with a 68 percent probability rating, recording over $14,823 volume of trade.
He is followed by Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), who occupies the second position with 25 percent, representing $5,937 volume of trade.
Tinubu clinched the All Progressives Congress (APC) presidential ticket for the 2027 election last month after polling 10,999,162 votes to defeat his sole challenger, Stanley Osifo, who received 16,503 votes.
Obi was declared the NDC presidential candidate unopposed.
Rotimi Amaechi, former minister of transportation, is placed third with 1.5 percent and $2,748 volume of trade.
The former governor of Rivers lost the African Democratic Congress (ADC) presidential ticket to former Vice-President Atiku Abubakar.
Also, Rabiu Musa Kwankwaso, running mate to Obi, stands at less than 1 percent, with $2,265 volume of trade.
Omoyele Sowore, presidential candidate of the African Action Congress (AAC), has recorded less than 1 percent of the bet on the poll and $2,926 volume of trade.
The platform utilises a dynamic graph that tracks the fluctuating fortunes of the political actors as users trade their shares based on changing political narratives in the country.
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Users bet on a candidate by buying ‘yes,’ and bet against a candidate by buying ‘No’.
The poll, which began on June 2, has recorded $28,677 volume of trade within one week.
Polymarket said the poll will end on January 16, 2027, the same day the presidential election will be held.
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According to TheCable’s observation, every political or social question on the platform has specific outcomes and shares for a predicted outcome trade between $0 and $1.
If the predicted event occurs, the share settles at $1, but if it fails, the share becomes completely worthless.
Also, the share prices fluctuate constantly based on breaking news, market supply, and demand, such as if a Nigerian political candidate’s odds improve due to a new alliance, the price or value of their ‘yes’ share will rise.
In terms of payments, the platform is cryptocurrency-powered and built on the Polygon blockchain and strictly uses the USDC (USD Coin) stablecoin for all trades and payouts.
Apart from politics and African elections, users on the platform regularly stake money on global sports, award shows like the Oscars, economic indices like inflation data, and cryptocurrency trends.
