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Trump or Biden, who's the bettors' favorite and by how much? Internet says 'it ain't Vegas'

'We are already over $3.9 million and expect to take $13 million,' said Hill’s international spokesman Rupert Adams
UPDATED NOV 3, 2020
(Getty Images)
(Getty Images)

As the nation is eyeing the election results, American forecasters and bettors have started placing their bets. With a whopping $5 Million on Trump's victory and a sudden decline in Joe Biden's victory chance from 66.7% to 63%, the election season might make some pockets lighter.

According to a Forbes report on October 30, "Gamblers have wagered over $300 million so far and there are five days left before Election Day." “Interest is at fever pitch levels and it should continue at this rate until polling day,” says Sam Rosbottom, spokesman for Betfair. “We could be on course to see half a billion dollars bet on the outcome.”

The second biggest betting event for Betfair Exchange was the 2016 presidential election when Betfair’s handle was $257 million (£199 million) before Trump, the underdog, beat Hillary Clinton. Polling website FiveThirtyEight places the odds of Biden winning on the eve of the election at a staggering 89%. PredictIt placed the odds of Biden winning the election at about 63%, down from near-70% highs earlier this month as Trump's odds inch up to roughly 40%.

An anonymous British former-banker has placed a bet of $5 million on Trump's victory. Betting insiders believe this is the biggest number ever wagered in politics. The ex-banker, based offshore, used private bookies registered on the tiny Caribbean island Curacao for his bet on US presidential elections.

At BetOnline, an offshore operation in Panama, just over 70% of the money bet is placed on Trump's victory. Trump is a +160 underdog, which means if you bet $100 on him, you will win $160. Biden is a -180 favorite, so if you bet $180 you can win $100. The company says that Biden is the slight favorite at 54%. If the election were called today and Trump won, BetOnline would lose millions of dollars, the company said.

Matthew Shaddick, head of political betting at British sports betting and gambling firm GVC told Al Jazeera, “It might be the biggest ever market on anything pretty much and outstrip football worldwide. I guess a billion pounds [$1.3bn] is being bet.” According to Action Network, "Two huge bets have come in on Joe Biden to win the Presidency at Betfair in Europe: $504,000 on Biden at -200 odds. Would profit $248,000." The Betfair Exchange business for the 2020 US presidential election is now up to more than $415 million, smashing the former records for the most-bet event in the company’s 20-year history. “We are already over $3.9 Million and expect to take $13 Million,” said Hill’s international spokesman Rupert Adams. 

As these various bets amounts made their way to social media, Internet user said, "Someone bet 5 million dollars that Trump wins the election. So they're placing bets now ain't that about some sh*t!!! This ain't fuc*en Vegas TF!!!" While another one wrote, "That’s the worst bet I’ve ever seen lol".



 



 

One netizen joked and said, "It was actually Hunter Biden." While another one wrote, "In the last 4 hours, 71% of money wagered on the 2020 US election was on Trump, which they called a 'remarkable' swing. “The ‘20 election is following a very similar betting pattern to ‘16. The closer we got to the election, the more money came for Trump”.



 



 

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