Former President Donald Trump's chances of defeating Vice President Kamala Harris are increasing less than 24 hours before Election Day, according to an online betting platform.

Polymarket, which is partly funded by early Trump supporter Peter Thiel, showed the former president has a 58 percent chance of winning as of Monday afternoon, while Harris has a 42 percent chance. The odds are based on the “collective wisdom” of betting on the candidates, rather than external factors such as poll data.

“Trump’s chances are rising again,” wrote Polymarket on X, formerly Twitter. “Tomorrow is election day.”

Newsweek emailed both campaigns Monday seeking comment.

While Trump scored 67 percent on Polymarket on October 30, the former president's odds plummeted for several days. His chances had fallen to 53 percent early Sunday, just hours after one of the country's most accurate pollsters released a poll that shockingly showed Harris winning Iowa by three percentage points.

Last month, reports emerged suggesting that the election odds on Polymarket could be rigged. The platform later identified a single French citizen as the owner of four accounts where over $50 million was bet on Trump The Independent. Polymarket does not allow US users to bet on the election.

The voting odds have developed similarly on the betting platform Kalshi, which allows bets from US users. While Trump had a 64 percent to 36 percent lead last week, his chances fell sharply shortly afterward and the candidates reached a tie within hours of the Iowa poll's release. Trump led Harris on the platform 54 percent to 46 percent as of Monday afternoon.

Meanwhile, Harris was slightly favored at PredictIt, where the vice president had a 54 percent chance of becoming the first woman to serve as president at the time of publication.

With more than 77.3 million votes already cast in early and mail-in voting nationwide, polls continue to suggest the race remains close. An average of recent national polls by FiveThirtyEight showed Harris leading by a slim 1.1 percent as of Monday. The poll picture was similar in all seven battleground states.

In the FiveThirtyEight averages as of Monday, Harris had a 1 percent lead in Michigan and Wisconsin, while Trump had a 1 percent lead in North Carolina and Georgia and a 2 percent lead in Arizona. The candidates were tied in Pennsylvania and Nevada. The most recent results were within the margin of error for almost all surveys.