As the political arena adjusts to President Biden’s recent decision to forgo re-election as the Democratic Party’s nominee, betting platforms like Polymarket are witnessing significant repercussions.

For some traders, Biden’s announcement has rendered their bets effectively null. A prominent trader known as AnonBidenBull experienced a dramatic loss, with the value of three positions on Polymarket plummeting by $2 million. AnonBidenBull had wagered heavily on Joe Biden securing the 2024 nomination, winning the Presidential election, and clinching the popular vote. However, Biden’s withdrawal has caused the value of these positions to nosedive by 99%.

Read more: Biden’s Re-Election Chances Plummet on Polymarket

Conversely, other traders have capitalized on this political shift. One notable gambler had staked nearly $12,500 on Kamala Harris becoming the 2024 Democratic nominee. Although her nomination is not yet confirmed, with Polymarket currently estimating her odds at 79%, the value of this trader’s position has surged by over 6,000%, skyrocketing to nearly $769,000.

The recent influx of crypto traders to Polymarket has been driven by escalating speculation about Biden’s potential exit from the race. The platform has recently enlisted Nate Silver, the renowned election statistician and founder of FiveThirtyEight, as an advisor, further bolstering its analytical prowess.