How the Presidential Election Became the Topmost Betted Event in History

Have you heard? The 2020 U.S. presidential election has become the topmost betted event in history- unsurprisingly. Punters all over the world, have been placing wagers on this year’s presidential election. The majority of the big money wagering is observably taking place outside of the United States as wagering on politics in the States is still banned.

By the eve of the election, Donald Trump’s odds of re-election were slight as Biden remained a top favorite, particularly in online betting markets. The former vice president has been enjoying a substantial lead in national opinion polls. Today, the race is tight as the winner will probably be determined in the battleground states.

As you can imagine, all punters are focused on the big bet-whether Biden or Trump will be the one to take control of the White House for the next four years. However, punters are also wagering on a string of other bets such as:

  • The number of electoral college votes to be received by each candidate.
  • Which candidate will win the popular vote.
  • Winner of the state electoral college
  • The state and seat margins
  • The US Senate winners and so much more.

So far, the tallying of the election results has been snail-paced, much to the consternation of punters everywhere, the results are currently trapped in an indeterminate limbo that has bettors refreshing electoral maps after every few minutes. Because of the still too close to call nature of the 2020 presidential race, non-Americans continue to make bets on the presidential race, indicating that there is a thriving market for gamblers all over the globe, especially in Europe and Asia.

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This year’s race has drawn record amounts principally from the United Kingdom. Case in point, one British punter put down approximately $1 million on a win for Joe Biden. Betfair Exchange, which is currently one of the most popular betting sites in the UK, has recorded roughly £490 million ($634 million) in wagers thus far. Compared to the 2016 race, £199 million or $257 million was placed.

 

Exceptions to betting on the 2020 U.S. presidential election

Americans are not legally permitted to wager real cash on US election results even as legal sports betting continues to thrive all over the country. The vast majority of political betting in the country is limited legally to relatively minor trading platforms that are directly linked to universities. These platforms utilize the data generated from such betting markets for purposes of academic research.

One such website is On PredictIt. On PredictIt was launched in 2014 is collaboratively operated by New Zealand based political consulting company known as Aristotle International Inc. PreditcIt is not legally allowed to disclose the amount of money wagered on.

Another platform that’s allowed to receive wagers on political elections is the much older Iowa Electronic Markets. The Iowa Electronic Markets was launched by the University of Iowa in 1988.

Although political betting is banned in the country, this doesn’t mean that Americans themselves aren’t vetting on the election result. Even though online betting is legal in most parts of the country, the US has had a long storied history of illegal wagering markets and the election is no different. Since no legal sportsbook is allowed to legally offer lines in the election, they can only sit on the sidelines and watch the action take off offshore.

 

How does the race look so far?

The presidential race is still yet to be called but as more time progresses and more votes counted, the odds seem to be in favor of Joe Biden. 5 vital states ate yet to be called-  Pennsylvania, Arizona, Georgia, Nevada, and North Carolina. However, Biden is scheduled to take the lead in the only state that matters right now, Pennsylvania.

Biden also has a narrow lead in Georgia even though Trump has led the count in the state since election night. If Biden clinches Georgia, it could be a big blow to Trump’s hopes of returning to the White House. Overall, Biden’s prospects look good and he will likely be announced winner any day now.

When will bettors know the 2020 U.S. presidential election results?

Though the counting is slow, it is by no means unusual. During the 2000 2020 elections, the country had to wait for more than a month (40 days to be exact) following election night to learn whether Bush had indeed beaten his then competitor Al Gore. With more postal votes cast than ever before in the history of the election, the results of this year’s presidential election may not be announced for some time.

 

Final Thoughts

The 2020 US election has been historic, to say the least. Not only was voting held as the world is thick in the throes of a pandemic, but this year’s election has also shaped up to become the largest ever betting event of all time.

While most pointers predict a Biden victory, if 2016’s election taught punters anything, it is that there is no such thing as a shoo-in when it comes to American presidential elections. While many bettors maybe passionate about their preferred candidate, punters looking to maximize their return have to put their sentiments aside and wager with their heads and not their hearts.

Since operators are still allowing punters to keep placing bets until a winner is declared, there could be more days of punting as long as the counting carries on. So we watch and wait.

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