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LONDON (Reuters) – US President Donald Trump’s chances of re-election rose dramatically overnight in online gambling 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 drop to 61% from 65%.
The pick is on track to be by far the largest betting event on record, with £ 300 million wagered with the platform so far, Betfair said. He takes bets until the result is announced and expects bets to reach the 400 million pound mark, double the 2016 mark.
Bettors on the British exchange Smarkets give Trump a 38% chance of winning.
Trump’s average odds on Election Day in 2016 stood at 5/1 (a 17% chance), 20% less than his odds now.
Biden has a substantial lead in national opinion polls, although the race is a bit closer in states likely to decide the race.
One person had made a million-pound bet on Biden, Betfair said on Monday, the biggest political bet of all time. If Biden wins, the player would pocket 1.54 million pounds.
(Reporting by Thyagaraju Adinarayan, editing by Sinead Cruise and Giles Elgood)
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