The death of Pope Francis is a time of mourning for millions of catholics around the world, but it also marks the beginning of an intricate succession plan. All eyes are on who will be chosen to become the next pontificate, and Polymarket, the cryptocurrency-based prediction market, has already accumulated almost $4 million worth of bets.
The next pope is officially chosen in a conclave, a Latin word which means “a room that can be locked up.” Members of the College of Cardinals will cast their votes in the Sistine Chapel. Of the 252 members, 138 are currently eligible to vote for the pope, as they meet the age requirement of being younger than 80 years old.
