After the New York Times report, Biden's chances of dropping out soared to nearly 80 percent

The chances of Biden dropping out soared to nearly 80 percent on Polymarket. That's up from 55 percent earlier in the day.

Atlanta, Georgia, USA, June 27, 2024 - US President Joe Biden participates in the CNN Presidential debate on June 27, 2024 at the CNN Studios in Atlanta. President Biden faced off with Republican presidential candidate and former U.S. President Donald Trump at the first presidential debate of the 2024 campaign.

A New York Times report that President Joe Biden is considering his options for the future of the 2024 race has prompted traders on Polymarket to raise the odds of Biden dropping out to nearly 80 percent, a level reached on Wednesday. That's up from 55 percent. The wild surge led to Polymarket's "Is Biden out of the Presidential Race?" This is the end of a week of turmoil in the markets. The market has attracted nearly $10 million in bets. Before last week's debate with Donald Trump, the same question was given only a 20 percent chance.

Many Washington political commentators have cast doubt on Biden's ability to defeat Trump in the 2024 election after a failed debate performance brought his age to the fore. But the New York Times now reports that Biden believes he has only a short and urgent window to salvage his campaign's prospects.

"He knows that if we have two more incidents like that, we'll be in a different place." The New York Times quoted an unnamed ally as saying.

A White House spokesman told X that the New York Times report was untrue.