(ConservativePeak.com)- The equivalent of millions of U.S. dollars are being wagered on the American presidential election, and most of the bets so far are coming in on President Donald Trump.
Betfair Exchange, the largest online betting exchange in the world, said this week that £220 million, roughly $284 million, has been wagered on the U.S. presidential election on their site.
This is the most amount of money wagered on any event ever, according to Betfair spokesman Darren Hughes. It tops any other political event — even local elections in England — as well as any sporting event.
While sports betting is legal in some states in the U.S. now, Americans are barred from wagering on elections.
The previous record for wagering on the U.S. presidential election was the 2016 election between Trump and Hillary Clinton. But “only” £199 million was bet on that election.
Betfair estimates that this election will eventually top £400 million in wagers.
Pete Watt is the public relations manager for OddsChecker US, a site that provides information and advice to gamblers. He commented:
“You can’t overestimate how big the president’s profile is in the UK. The betting interest has extended beyond political gamblers.”
The truly shocking part about the wagering on this election is that it has surpassed the total bet on the four most bet-on sporting events combined. Those events were the 2020 Super Bowl, 2019 Grand National horse race, 2018 World Cup, and 2017 boxing match between Conor McGregor and Floyd Mayweather Jr.
Democrat Joe Biden is the big betting favorite right now, and Trump is the underdog. A £10 bet on Biden will return a bettor £5.26 if the wins. Meanwhile, that same £10 bet on Trump would return £18.80 if he wins the election. This essentially gives Trump a 34.8% chance of winning the election, according to wagering odds.
Those odds, though, are what is pushing a lot of the total amount wagered the president’s way. As of now, there are more total bets being placed on Trump to win the election. That said, more total money as well as larger bets are being placed on Biden, Watt said.
Wagers will be paid out based on which candidate wins the election, not which candidate wins the popular vote.
Wagering on the presidential election isn’t just limited to 2020, though. Bettors in the UK are already placing money on the 2024 presidential election. While it is a bit speculative to even know who the main candidates will be, let alone who might win, bettors are often involved in speculation.
As of now, both Biden and Vice President Mike Pence are listed as having an equal 16.7% chance of being elected president in 2024. Kamala Harris, the vice presidential nominee for the Democrats, has a 14.3% chance. The next two in line are Democratic Representative Alexandria Ocasio-Cortez (5.9%) and Republican Nikki Haley (5.3%).
Even Trump is being listed in the 2024 election odds, with a 4.8% chance of winning. That could only happen, though, if he loses this year’s election and then decides to run again in 2024.