Political betting in the United States is not currently legal, but that’s not the case in other parts of the world. Sportsbooks in Europe offer betting odds for several political events, especially when it relates to presidential races.
Handicappers in Europe have had to adjust odds several times over the last few weeks, and these odds have spiked and crashed several times. Earlier this week, current President Donald Trump saw this happen to his odds in a span of just 24 hours.
President Trump is battling Democrat Joe Biden for the right to the Presidency for the next four years, and the current leader of the United States is no longer the favorite according to sportsbooks. This could be because of odds dramatically changing of late as bettors rush to the books to bet on Trump.
Earlier this week, Trump’s odds went up to as high as 2/1 as the president dealt with a bout of the coronavirus. As bettors quickly flocked to take advantage of these prices, those odds have now dropped to 7/4.
Bettors seemed to have learned their lesson from 2016 when Hillary Clinton was the huge betting favorite to win the 2016 election. Trump stunned the United States and political bettors from all across the world by pulling off the victory.
This sudden change in betting odds is likely to continue in the coming weeks, as more and more bettors lay money on President Trump. Sportsbooks can’t afford to suffer a massive loss in this election, and they will have to adjust the odds accordingly.
Currently, Joe Biden has odds of 1/1 at most sportsbooks as polls consider him the favorite to win the election. Biden’s odds have not shifted as much as Trump’s over the last few weeks as not many people are laying money on the challenger.
The fact that the second Presidential debate has been canceled will take away some of the shift in odds, but they will continue to be adjusted right up until Election Day.
Biden Now the Favorite?
A lot can change over the next few weeks, but it does appear that Joe Biden is now the clear favorite to win the 2020 Presidential election. Trump was an underdog heading into the 2016 election as well, and he was able to win the vote on Election Day.
According to recent surveys, Biden appears to be leading in a majority of the swing states, which would signal a clear path to victory. Trump has also been losing support over the last few weeks in nationwide polls.
The current president is not going down without a fight, and he has recently scheduled several campaign rallies in an effort to get back in the race. This was the same strategy that Trump employed in 2016, and it allowed him to close the gap right before the election.
The odds will likely change several times leading up to the actual election, as will nationwide polling results. This will be a big day for the United States and other countries around the world.