- The Presidential Election is set to be the largest gambling event in history.
- It is predicted to exceed $1 billion in bets and has already surpassed the Super Bowl at European online sportsbooks.
- The odds for the swing states are very important seeing that they will be what determines the winner of the election.
WASHINGTON - While people are waiting for the results of the 2020 Presidential Election winner, they will also be waiting to see if they will receive a payout as the election is on pace to be the biggest online gambling event in history.
The election between President Donald Trump and former vice president Joe Biden is expected to bring in over $1.3 billion in wagers from around the world.
According to BetOnline, the money bet on the election has already surpassed the most-watched event on TV, the Super Bowl, along with being the biggest decision on the site since the 2017 boxing match between Floyd Mayweather and Conor McGregor.
There have been people from all over the world that are using mobile devices for gambling on this event. Betfair reported that a UK bettor placed a $1.3 million bet on Joe Biden winning the presidency which marks their largest ever political bet.
All of the USA online gambling sites have Biden as a favorite to win the overall election but many oddsmakers are focusing on the battleground states with tight odds because that could be the defining bets.
“Florida is one where the polls suggest Biden is the more likely winner, but the [betting] markets have Trump as favourite [there],” said Matthew Shaddick, the head of political betting at Ladbrokes Coral Group. “The GOP have tended to overperform the polls quite regularly in that state.”
In the morning of the election, Trump is favored to win 5 top battleground states including Florida (-180), Georgia (-180), Iowa (-400), Ohio (-300), and Texas (-400). Joe Biden is favored in Arizona (-120), North Carolina (-135), and Pennsylvania (-170).
With the two candidates vying for the coveted 270 electoral college votes to receive the victory, the votes from swing and battleground states will be the most important votes not only to elect the president but for the presidential election bettors.