The smart money is still on the Democratic nominee Hillary Clinton to win the election on Tuesday, but her chances have dropped 13%, according to the prediction market PredictIt.
Traders on the website are now paying 68 cents for a "Clinton win" share that would pay $1 if Clinton is elected. Just last week the same share on PredictIt cost 81 cents. Trump shares, on the other hand, cost 35 cents, up from 22 cents a week ago. The site slightly favors Clinton to win North Carolina, while giving an edge to Trump in Florida.
The traders on prediction markets like PredictIt buy the shares with real money, essentially gambling on the outcome of the political races across the globe. In the U.S., the players can even bet on the local races and ballot measures. As traders lose faith in a candidate, the value of the shares slip. As confidence in a given outcome or candidate grows, their shares become more expensive.