The amount bet on former Vice President Joe Biden to win the presidential election has overtaken the amount bet on President Donald Trump for the first time this cycle, according to United Kingdom-based Betfair Exchange.
A total of about $145 million has been bet on Biden, the Democratic candidate, compared with about $140 million on Trump, the Republican candidate, Betfair said. In the past week, about $49 million was bet on Biden compared with about $32 million on Trump, Betfair said.
Earlier this week, the 2020 election became the most heavily bet event in Betfair’s history, surpassing the $258 million bet on the 2016 race between Trump and Hillary Clinton.
Biden is a -188 favorite to win the election on Betfair, with Trump at +188.
Betting favorites are expressed with a minus sign and underdogs with a plus sign. In this case, a bettor would have to bet $188 to win $100 on Biden or $100 to win $188 on Trump.
Betfair election expert and professional political gambler Paul Krishnamurty said he’s not surprised to see late money come in for Biden.
“The big money coming for Biden is very predictable because that’s what we always see at the end of an election where the people get more confident about the market and the big hitters enter,” he said.
Betting on the election is illegal in the U.S.