US election 2020: Betting markets favour Donald Trump over Joe Biden in tight race for White House

4 weeks ago 7

Even as the early results from US Presidential elections seem to favour Democrat candidate Joe Biden over Donald Trump, betting markets have placed their bets in favour of Republican Trump.

New Zealand-based predictions market PredictIt has Donald Trump leading over Joe Biden at 62 cents-to-37 cents, from being 61 cents-to-44 centres in favour of the Democratic candidate, reported Reuters.

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PredictIt's website underwent an outage earlier, with the predictions market posting on Twitter that it was working to "bring service back as soon as possible," without saying exactly why it had gone down.

Meanwhile, bettors on British betting exchange Betfair are giving Trump a 75% chance of winning a second term in the White House, up from 39% when polls opened on Tuesday morning. Biden's odds of a win on Betfair have fallen to 25% from 61% earlier.

As of 10.30 am (IST), Joe Biden was leading with over 200 electoral votes in the race to White House in which a candidate needs 270 votes to win the US presidency. Trump had secured 118 electoral votes.

"Trump has overtaken Biden significantly and is now in pole position, suggesting it could be a very nervous night ahead for Biden," Betfair spokesperson Sam Rosbottom said.

Britain-based Smarkets exchange is giving Trump 55% win odds, up from 39% when polls opened. Bets on Trump went up to 80% at 2300 Eastern Time (0300 GMT), before dropping back.

Biden's win odds on Smarkets have fallen to 45% from 61% earlier.

"This has mainly been driven by Trump seemingly holding the key swing state of Florida as a result of a very strong showing for him in the Miami-Dade county with a large Cuban population," said Patrick Flynn, political analyst at Smarkets.

Flynn said that Florida wasn't a "must win" state for Biden as it was for Trump.

"Biden could yet put those crucial Midwestern states of Pennsylvania, Michigan and Wisconsin in his column, and he would win the election."

(With inputs from Reuters)

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