Gamblers are pouring millions into bets on who will become the next pope, with crypto-based platforms like Polymarket handling over $18 million in wagers.
CNA
As the papal conclave to elect the next pope unfolds, gamblers worldwide are betting millions on the outcome. Cryptocurrency-based platforms such as Polymarket and Kalshi are overseeing over $24 million in wagers combined.
Polymarket lists Vatican Secretary of State Cardinal Pietro Parolin as the frontrunner with 27% odds, followed by Filipino Cardinal Luis Antonio Tagle at 22%. Despite the conclave’s secrecy, bettors are backing their favourites based on visibility and perceived favour.
Tom Nash, a Catholic commentator, warned against the practice. “The most well-known cardinals… may actually have less of a chance than others,” he said.
While Pope Gregory XIV once forbade such bets in 1591 under pain of excommunication, no current Vatican law prohibits gambling on conclaves. Still, Nash urged Catholics to reflect:
“We don’t want to reduce this important event to the level of a mere sports competition.”
The Catechism permits gambling within reason, but critics say betting on a solemn Church event risks trivialising the sacred process.