As the 2020 US Presidential election is just around the corner, Trump vs. Biden betting revenue is expected to break previous records.
According to reports, a great number of people around the nation are flocking to online sportsbooks to place wagers on the election outcome. The election is scheduled to be held on November 3.
Betting Takes Place Amid Uncertain Election Results
This election is as unpredictable as the 2016 US Presidential election. Even a day before the election in 2016, most of the analysts predicted Hillary Clinton’s victory. The Democratic candidate held a considerable lead in almost all opinion polls. However, all predictions and polls proved wrong by the outcome that made Donald Trump the president, what most would call the biggest political upset in the country’s history.
Four years later, the situation is not too different. Although most polls indicate Joe Biden’s lead in various key states, they could be as deceptive as they were in 2016.
The race for the White House appears to be tightening. Recently, the Republican president gained in the national polling average, with Biden’s lead shrinking to a mere 3% in several key states, including Michigan, Wisconsin, and Pennsylvania.
Amid this uncertainty, one thing known for sure is that the current trends are leading towards a record-setting political betting on the 2020 US presidential election.
Trump vs. Biden Betting Revenue Keeps Swelling
Political betting has been growing in popularity to an unprecedented scale during this presidential election. However, it is difficult to precisely tell how much money is being wagered due to the different policies of the states. According to reports, the Trump vs. Biden betting revenue has been surging in regulated states.
Betfair, one of the leaders in online betting, has already collected around $215 million in wagers on the election. According to its spokesperson Sam Rosbottom, it is shaping up to be the most-bet-on political event in history.
Another online sports betting giant in the US, Bovada, is reportedly witnessing 55% more wagers placed on this year’s election compared to the previous US election. Considering the ongoing betting trends, many analysts will set a new benchmark for future political betting, both in the country and worldwide.
Different odds are available on different betting sites. For instance, Bovada currently lists Democratic candidate Biden as the -190 favorite, while listing Trump +145. However, the odds are likely to change over the next week.
Political Betting Reflects US Sports Betting Trend
The unprecedented political betting trend in this presidential election is not surprising. Rather, it reflects the massive surge that US sports betting has seen across the country over the past few months. After months of closures, the renewed sports activity with the return of professional sports leagues has infused a new life in the states with a regulated betting market.
As the US becomes the most prolific sports betting industry in the world, many leading operators are eying this potent market. For instance, London-based sportsbook giant William Hill has recently merged with the US-based company Caesars Entertainment. Another example is 5Dimes, which agreed to a $46 million settlement for its illegal US betting operations in an attempt to enter the legal US market.
As far as Trump vs. Biden betting is concerned, the action is yet to unfold as each hour could see varying odds. With the existing trend, the 2020 US presidential election can expect to bring in record-setting betting revenue.