With the 2020 US presidential election a few weeks away, the Democratic candidate Joe Biden appears a betting favorite to win the vote with 4/9 (69 percent) chances.
This election has become politically contentious for many reasons, but the betting enthusiasts seem to have an exciting opportunity from this situation. A huge number of people are placing wagers on how political drama might play out. However, as things stand now, Biden has emerged as a clear favoriting among the betting world.
Political Betting Was Never More Popular Like Today
Online gambling has seen unprecedented popularity around the world today. Many countries have embraced this industry, while others are considering legislation regarding it.
Since the Supreme Court annulled PASPA in 2018, more than 20 states have regulated the online gambling industry.
In the US, sports betting is extremely popular. Political wagering option is a recent addition that many online sportsbooks now offer to the sports fans. The 2020 presidential election has only intensified fans’ who had been craving for novel betting opportunities.
Interestingly, some sites like My Bookie also offer the betting enthusiasts the fun political prop betting options. For example, some of them involve bets on whom Donald Trump will mention during a debate.
However, most players simply choose to bet on who will go to the White House for the next four years.
Online Betting Sites See a Surge of Wagers on Biden Lately
The previous presidential election was a huge political upset, particularly for those bettors who wagered big cash on Hillary Clinton’s victory.
Now, online sportsbooks have witnessed a rise in betting on Biden’s victory. It’s also not surprising given the recent survey results showing the Democrat’s nominee as the clear favorite for the presidential election.
Yet, many analysts dispute these polls, arguing the fallibility of the surveys that listed Clinton as the favorite in 2016.
More than $150 million has been wagered on the 2020 US presidential election in Europe only. According to the latest reports, the dominant majority of these bets are now being placed on Biden.
While commenting on this trend, gaming analyst Pete Watt said:
“Over $150 million has been staked on European political betting markets so far, and the closer we get to November 3, the closer we get to a Biden’s victory…, Watt said. “The gap between Trump and Biden in the betting market is getting closer in size to the one that has existed in the polls for months…”
With Trump’s recovery from the Covid infection and the cancelation of the second presidential debate, it will definitely be exciting few weeks into the Day of Election.
The next debate is scheduled on October 22, and it won’t be surprising to see the odds shifting to the Republican side once this debate concludes. Who knows?
As things stand now, Biden leads with an emphatic position that puts his chance of winning in November twice as likely as his rival’s. With 9/4 (or 31 percent), Trump is faring with worst odds since the days after his impeachment trial concluded in February this year.
Yet, Trump is known for upsetting the odds; he has done it in the past. At this stage of the campaign in 2016, the Republican President was 11/2 (16 percent) to beat Clinton, and we know what eventually happened.