U.S. midterm election betting volume surges; prediction markets bet on Democrats sweeping both chambers.

Zhitong Finance APP has learned that prediction markets on Tuesday showed growing expectations of a Democratic sweep of the U.S. Congress, with midterm election bets exceeding $1.48 billion, as this new type of market faces a fresh test. As polling stations across the country began to close one after another, betting prices shifted further in favor of the Democrats. At about 19:00 U.S. Eastern Time on Tuesday (08:00 Beijing Time on the 4th), prediction market prices aggregated by analytics firm BetInt showed a 98% probability that the Democrats would win the House of Representatives, up 4 percentage points from intraday levels that afternoon.