US breaks record for election wagers

The 2020 US elections have become the biggest betting event on the Betfair Exchange.
The 2020 US elections have become the biggest betting event on the Betfair Exchange.

Betfair has estimated that bets on the November 3 US elections could reach half a billion dollars.

US.- As the US goes to the polls tomorrow, the vote has already set a new record for the amount bet on the results of a US election.

The 2020 US elections have become the biggest betting event on the Betfair exchange, according to the UK-based online betting and gaming company.

Betfair says that 6,700 bets worth $4.83m have been placed on Trump and 5,250, totalling $4.7m, on Biden. The odds currently give Biden a 66 per cent chance of winning.

Sam Rosbottom, a spokesman for Betfair, said that total wagers on the elections could reach half a billion dollars.

He said: “Interest is at fever pitch levels and it should continue at this rate until polling day.”

Matthew Shaddick, head of political betting at sports betting and gambling giant GVC, said: “This is a huge market. It is twice as big as 2016, easily making it the biggest political event ever.”

The previous record for the amount bet on a US election was £199m, set at the last elections in 2016.