Favorite candidate emerges in the 2024 race as new polls reveal what Biden dropping out has done to Trump's lead over Kamala Harris

Vice President Kamala Harris is now predicted to win the presidential election in November for the first time since becoming the presumptive Democratic presidential nominee. 

According to the online betting company PredictIt, Harris is predicted as the favorite to win this fall over former President Donald Trump. 

The shares of Harris having a victory hit 54 cents on Thursday while shares of Trump winning were at 50 cents. 

The company works by asking users to buy shares ranging from once cent to 99 cents. The more likely an event, the more expensive they are, signaling people still expect it to be a very close presidential race. 

Harris pulled ahead on the betting platform for the first time on Wednesday before it went back and forth for a bit. 

Vice President Kamala Harris becomes favorite to win the presidential election against Donald Trump, according to betting market

The shift in the betting market comes as a series of recent polls have shown Harris closing the gap with Trump and even beating him in several battleground states since Biden exited the race last month. 

The latest Bloomberg News/Morning Consult poll put Harris ahead in four battleground states: Arizona, Michigan, Nevada and Wisconsin and tied in Georgia. Her lead in Michigan was a whopping 11 points.

Trump was leading in North Carolina and Pennsylvania, according to the poll. 

Overall, the average of polls in the head-to-head matchup between Harris and Trump has Trump up by just over one percentage point. 

The prediction market Polymarket has shown Trump's lead dropping when it comes to who will win the presidential election and Harris is on the rise, but the ex-president maintains his lead 54 percent to 44 percent. 

People have also been weighing in on PredictIt on who they believe will be Harris' running mate as she is expected to announce her vice presidential pick any day now before the pair appear together for their first campaign rally in Philadelphia on Tuesday.

Pennsylvania Governor Josh Shapiro has a wide lead in the betting market as her running mate at 57 cents.  Arizona Senator Mark Kelly is second at 19 cents followed by Kentucky Governor Andy Beshear at 18 cents. 

Betting market has Gov. Josh Shapiro leading as favorite to be Kamala Harris' running mate

Minnesota Governor Tim Walz and  Transportation Secretary Pete Buttgieg round out the top five. 

Harris is expected to announce her running mate any day now before the pair hit the campaign trail next week, visiting seven battleground states in five days.