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Trump gains ground overnight in UK betting markets, Biden still favourite

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

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US Presidential elections 2020 | Donald Trump

Reuters  |  London 

Donald Trump
President Donald Trump | Photo: AP/PTI

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 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 pounds ($389 million) bet with the platform so far, Betfair said. It accepts bets right up until the result is announced and sees bets with it to hit the 400 million pound 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 one million-pound ($1.3 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, November 03 2020. 19:20 IST