Users of the global event prediction platform Polymarket have started placing bets on who will win Nigeria's 2027 presidential election, as reported by TheCable.
An analysis conducted on the platform shows that President Bola Ahmed Tinubu is leading in gamblers' predictions, with a 68% chance of victory and trading volume exceeding $14,823.
In second place is Peter Obi, the presidential candidate of the NDC (National Democratic Coalition), who has a 25% predicted chance of winning and $5,937 in trades.
Former Minister of Transportation, Rotimi Amaechi, is in third place with 1.5%, after losing the bid for the ADC presidential ticket to former Vice President Atiku Abubakar.
Furthermore, Rabiu Musa Kwankwaso, who was named as Obi's running mate for the NDC ticket, has less than 1% predicted chance of winning, while Omoyele Sowore also has less than 1%.
The report indicates that since this prediction market opened on June 2, trading worth $28,677 has been conducted within a week. The prediction is expected to close on January 16, 2027, the date set for the presidential election.
The Polymarket platform uses a system of buying and selling prediction shares, where users select "Yes" if they think a candidate will win or "No" if they think a candidate will not win.
Additionally, the price of prediction shares changes based on breaking news, political developments, and market demand. The platform conducts its transactions using USDC stablecoins on the Polygon blockchain.
Beyond politics and elections, Polymarket users also place bets on sports outcomes, economic indicators, global awards, and cryptocurrency markets.