Republican presidential candidate Donald Trump set an all-time high in presidential betting odds against Vice President Kamala Harris on Polymarket.

What happened: Punters on the so-called decentralized prediction market gave the former President more than a 55% chance of regaining power, up from 49% last week.

Harris' odds have steadily slipped from the majority mark a week earlier to 44% as of this writing.

Bets in favor of Trump exceeded 70% when incumbent Joe Biden was in the race. However, Biden's withdrawal from the race and Harris' elevation to the forefront of the Democratic presidential ticket caused a dramatic shift in sentiment.

The battle not only became closer, but Harris established a 9-point lead at one point in August.

A whopping $1.7 billion has been wagered on the outcome, making it the highest betted event on Polymarket.

Why It Matters: Polymarket, built on Ethereum's (CRYPTO: ETH) Layer-2 protocol Polygon (CRYPTO: MATIC), has gained prominence as one of the world's top prediction markets for U.S. elections in recent months, though ironically, U.S. users can't access the platform due to federal regulations.

Trump's odds also hit 52% against Harris' 48% on Kalshi, a prediction platform that, unlike Polymarket, is legal in the U.S.

The flipping followed Tesla CEO Elon Musk's fervent appeal to vote for Trump when the two appeared at a rally last week in Butler, PA.