US breaks record for election wagers

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.