West Bengal is gearing up for its elections, with the first phase scheduled for April 23 and the second on April 29, followed by counting on May 4. In a notable turn, the US-based prediction market Polymarket has seen over $2 million traded on the 'West Bengal Legislative Assembly Election Winner' market, making it the most active Indian state election market on the platform. Currently, the Bharatiya Janata Party (BJP) is the marginal frontrunner, with traders assigning a 52% chance of victory, while Mamata Banerjee's All India Trinamool Congress (AITC) is closely trailing at 47%. The Communist Party of India (CPI) is seen as having a negligible chance, trading at less than 1%. Despite the interest, it's crucial to note that prediction markets are illegal in India due to the Promotion and Regulation of Online Gaming Act (PROGA), which prohibits such platforms from operating or accepting Indian users. Consequently, the trading volume on Polymarket primarily comes from users outside India, particularly in the United States and Europe. The outcome of this election could signal a significant shift in West Bengal's political landscape, where the BJP aims to end the TMC's decade-long rule.