The US elections are just around the corner – and as November 3rd approaches, millions of eyes have turned to betting shops for clues as to who will win.
In 2020, many are looking for an alternative method to predict the possible outcome. Here’s everything you need to know about betting on the 2020 US election.
WHAT ARE THE ODDS?
Right now, Democratic hopefuls Joe Biden is the clear favorite among the major betting sites.
As his lead diminishes, many believe that betting odds offer a more accurate election prediction than polls because people have invested their own hard-earned money in the outcome.
According to OddsShark’s 2020 presidential election betting odds tracker, Donald Trump was the favorite in July 2019 – but now “Biden is a -185 favorite to win the 2020 US presidential election, with Trump coming back at +140”.
These are the odds of winning as of October 26th, according to some of the major betting shops.
Basically, this means that for every $ 1 you wager on that candidate, you will get the consideration below if they win.
• Biden: 1,52 USD
• Trump: 2,60 USD
• Biden: 1,46 USD
• Trump: 2,80 USD
• Biden: 1,47 USD
• Trump: 3,10 USD
• Biden: 1,45 USD
• Trump: 2,85 USD
• Biden: 1,46 USD
• Trump: 2,80 USD
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DIFFERENT BETS YOU CAN MAKE
All eyes are on the big guy – whether it’s Joe Biden or Donald Trump in the White House for the next four years.
However, there are a number of other bets on the table as well.
For example, bets are also placed on the number of electoral college votes each candidate who wins the referendum, state electoral college winner, state margin, seat margin, U.S. Senate winner, and more are also placed.
For example, Mr. Trump pays $ 4.50 to win the referendum, compared to Mr. Biden’s $ 1.18 (the candidate who received the most votes in all of America).
In 2016, Ms. Clinton won the referendum but still lost the election.
ODDS BEFORE THE 2016 ELECTION
When Donald Trump ran against Hillary Clinton in the 2016 election, it wasn’t just the pollsters who got the result disastrously wrong – the bookmakers falsely predicted a Clinton win.
In fact, Irish bookmaker Paddy Power failed so spectacularly that it received a £ 4 million ($ 7,399,793) bill after prematurely paying out £ 800,000 (£ 1,479,958) to those who defeated Hillary Clinton before Donald Trumps Had supported shock victory.
According to OddsShark, Mr Trump’s chances of winning the 2016 election were close to 5 to 1 on the eve of Election Day.
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HOW TO BET
Political election betting is very illegal in all 50 states.
However, the same rules do not apply in other countries. This means that betting shops based in Australia, the UK and other countries are open to business. Most companies allow players to place a bet online.
According to Fortune, gambling insiders expect the previous record from 2016 to be broken again this year. Some bookmakers expect the choice in betting to be even bigger than the Super Bowl.
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