Cryptocurrency punters are backing Democratic nominee Abdul El-Sayed to win Michigan's midterm election, while assigning significantly lower odds to Republican candidate Mike Rogers.

The Polygon (CRYPTO: POL)-based prediction market Polymarket currently prices in a 73% chance of El-Sayed's victory, up sharply from a low of 56% in mid-August. The odds for Rogers have declined to 29%, compared with 34% last week.

More than $1.3 million has been wagered on the outcome as of this writing.

Race for Michigan Heats Up

El-Sayed narrowly defeated establishment-backed Rep. Haley Stevens (D-Mich.) in Michigan's Democratic Senate primary earlier this year. He overcame $60 million in outside spending while campaigning on Medicare for All, campaign finance reform and ending unconditional U.S. military aid to Israel.

Republicans have labeled El-Sayed extreme. President Donald Trump called El-Sayed a "radical left socialist" who has a "real shot" in the upcoming midterms, urging supporters to rally behind Rogers.

Vice President JD Vance said El-Sayed's immigration, trade and economic positions would hurt Michigan workers and accused Democrats' progressive wing of embracing "radicals."

Republicans currently hold a narrow 53-47 majority in the Senate. Rogers, a former seven-term congressman and FBI agent, narrowly lost Michigan's 2024 Senate race to Sen. Elissa Slotkin (D-Mich.).