Billions of dollars at stake in White House race betting market as one punter places £1m bet on Biden win
The 2020 US election is shaping up to be the biggest betting market event of all time, with one player placing a record-breaking £1m bet on a victory for Democratic challenger Joe Biden, betting companies say.
People were still rushing to place bets on the eve of tomorrow’s election.
Matthew Shaddick, head of politics betting at Ladbrokes Coral, said it estimated about £1bn would be wagered globally.
US President Donald Trump’s chances of re-election gained slightly over the weekend, but Biden remained a clear favourite in online betting markets.
Betters on Smarkets give Biden a 65 per cent chance, while Trump’s prospects improved to 35 per cent.
Betfair Exchange said it also saw Trump’s odds improve on the same level.
One person had placed a £1mbet on Biden, Betfair said, the biggest political bet of all time. If Biden wins, the player would bag £1.54m.
Biden leads in national opinion polls, although the contest is slightly closer in battleground states likely to decide the race.
“Florida is one where the polls suggest Biden is the more likely winner, but the (betting) markets have Trump as favorite,” Shaddick said.
“The GOP have tended to overperform the polls quite regularly in that state.”
The White House race could come down to the result in Pennsylvania.
The election is on track to be by far the biggest betting event, with 271 million pounds bet so far, Betfair said.
Betfair accepts wagers right up until the result is announced and total bets have hit £400m, double that of 2016.
Most of the big-money betting occurs outside the United States as betting on politics is illegal there.