The US Election is now just 25 days away and the legal and regulated European political betting markets are beginning to see increased activity.
One market in particular that is proving popular with political bettors is which way Texas will vote on November 3rd.
Since the market opened in March, the Republican Party have been favorites to retain the Lone Star State, although their advantage has peaked and troughed in the past six months.
As of today, the odds of the GOP winning Texas are -275, which put simply carries an implied probability of 73.31%.
The Democrats, by comparison, are underdogs; their odds of +250 correspond to a chance of 28.60%.
Under a week ago, the gap was even larger but it has been closed in recent days after 73% of the bets placed in that timeframe have backed the Democrats to take back a state that hasn’t voted Blue since it opted for Jimmy Carter in 1976.
Oddschecker spokesperson Pete Watt: “We’ve reported of a number of odds movements in Texas since the turn of the year, with the Democrats reaching their zenith in the market back at the beginning of August when the Biden campaign announced it was make a number of TV reservations.”
“With Biden now pledging to spend over six million dollars in campaign advertising between now and election day, bettors seem to be taking notice and finding good value in the Democrats as such heavy underdogs”
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