Donald Trump gained ground on Joe Biden overnight in U.S. election betting odds at United Kingdom-based Betfair Exchange.
But, by late Tuesday morning, the former vice president’s odds had soared higher than they were before the president’s surge.
Betfair, which had taken more than $425 million in wagers on the U.S. presidential election as of 11:30 a.m. PT Tuesday, reported at 1:30 a.m. that Trump’s odds had improved from +188 to +160 heading into Election Day, while Biden’s odds had dipped from -187 to -160.
Ten hours later, Trump’s odds had moved to +225 and Biden to -225 at Betfair.
Betting favorites are expressed with a minus sign and underdogs with a plus sign. In this case, a bettor would have to wager $227 to win $100 on Biden or $100 to win $225 on Trump.
“The initial boost that Donald Trump received overnight has disappeared, and his odds have slumped to (+225), his worst chances since early October,” Betfair spokesperson Sam Rosbottom said in an email. “At (-225), Biden is closing in on his best position yet, and it’s clear with hours until the polls close there has never been more confidence in a Democrat victory.”
More than $75 million has been wagered on Betfair since Monday morning.
At offshore sportsbook Pinnacle, Biden was -240 at 11:30 a.m. after sitting at -222 earlier Tuesday morning, and Trump was +209 after sitting at +194 earlier.