Polymarket Nails NYC Democratic Mayoral Primary Upset, Nears $1B Unicorn Valuation
Zohran Mamdani won the Democratic mayoral primary in New York City, surprising many as initial polls favored Andrew Cuomo. Prediction markets, particularly Polymarket and Kalshi, accurately forecasted Mamdani's victory following an Emerson College poll that indicated his strength in ranked-choice voting. Kalshi showed a rapid shift in odds, with Cuomo's chances dropping from over 70% to 46%, while Mamdani surged to parity. A Polymarket user made a significant profit by betting on Mamdani, highlighting the potential of decentralized prediction markets. Polymarket is nearing a $200 million funding round, led by Founders Fund, indicating growing institutional interest in blockchain-based prediction platforms. Experts suggest that prediction markets are becoming more reliable than traditional media and polling methods for election forecasting.
