Betting on the results of an election is not unusual but Polymarket is not a typical bookies. It allows punters to take and then change their position on all manner of events, from when the Strait of Hormuz might open to whether Taylor Swift will be pregnant before she gets married.
So when Irish Times investigative reporter Conor Gallagher noticed almost €1 million had been wagered on the upcoming Dublin Central byelection on Polymarket, it raised enough red flags for him to delve deeper.
Bets on Gerry Hutch accounted for the bulk of the spend by punters. And while the amount of money involved is significant, it was the activity of the Polymarket users once they’d placed the bets that was unusual. And where did all this money come from?
Gallagher explains how Polymarket works, why the Dublin Central byelection has proved such a magnet and what experts say the activity around the bets on Hutch point to.
Presented by Bernice Harrison. Produced by Suzanne Brennan.
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