US President Donald Trump’s chances of re-election gained sharply overnight in online betting markets as Americans head to the polls on Tuesday, according to Betfair Exchange.
Trump’s odds of winning the election improved to 39% from 35% on the UK-based platform, while Democratic challenger Joe Biden saw his chances dip to 61% from 65%.
The election is on track to be by far the biggest betting event on record, with £300 million (R6.26 billion) bet with the platform so far, Betfair said. It accepts bets right up until the result is announced, and has seen hit the £400 million mark, double that of 2016.
Betters on British exchange Smarkets give Trump a 38% winning chance. Trump’s average odds on election day in 2016 sat at 5/1 (a 17% chance) – 20% lower than his odds now.
Biden has a substantial lead in national opinion polls, although the contest is slightly closer in battleground states likely to decide the race.
One person had placed a £1 million bet on Biden, Betfair said on Monday, the biggest political bet of all time. If Biden wins, the player would bag £1.54 million pounds. – Reuters