2020 US Presidential Election Odds: Support Grows For Trump Causing Biden's Election Chances To Drop 5%
2020 US Presidential Election Odds: Support Continues To Build For Donald Trump, Resulting In Biden's Election Chances To Drop 5%
According to the sportsbooks, Joe Biden started the week with a 69.2% chance of winning the 2020 US election. However, Biden's set to end the working week in a slightly looser grip on the election betting market.
I doubt the Democratic party will lose too much sleep over the movement given that Joe Biden remains the very firm betting favorite. However, the current Presidential election odds imply his chances of winning stand at 64.5%
Several UK bookmakers have once again cut Donald Trump's betting odds in the last twenty-four-hours, however, the best price on the market remains +188, which implies a 34.8% chance.
2020 US Presidential Election Odds
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Donald Trump's Odds Of Winning The 2020 US Election
For those new to online betting, if you were to wager $100 on Donald Trump winning the 2020 election, you would be set to win $287.50 ($187.50 profit).
To put this into perspective, the New England Patriots are +180 to beat Buffalo Bills this Sunday. If you were to wager $100 on the Patriots winning, you'd be set to collect $280. Coincidently, our expert is backing the Patriots spread.
Donald Trump was the long-time betting favorite to win the 2020 election, his odds in February implied he had a 61.9% chance of winning. However, he was knocked from the top of the betting market in May by Joe Biden.
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Joe Biden's Odds Of Winning The 2020 US Election
Joe Biden has been the favorite in the 2020 election odds market since May, however, at the start of 2020, online bookmakers gave him very little hope. Biden's election odds at the beginning of the year only implied he had a 13% chance of being elected.
If you wagered $100 on Joe Biden winning the election, you would be set to win $155 ($55 profit). To put this into perspective, the Baltimore Ravens are -186 to beat Pittsburgh Steelers this game week. If you were to place $100 on the Ravens winning, you could potentially win $154 ($54 profit).
2020 US Presidential Election Betting Update
Last weekend, Donald Trump was receiving two bets for every one Joe Biden was taking. This trend has continued during the week, in the last twenty-four-hours, Donald Trump has accounted for a massive 65% of all bets placed in the 2020 election betting market. In the same time period, Joe Biden has only accounted for 31% of all wagers.
Interestingly, despite only accounting for just 31% of bets put down in the last twenty-four-hours, Joe Biden has accounted for 81% of the actual money wagered on the 2020 election in that time period. This means the majority of bettors think Trump will win, but the bigger and potentially sharpy punters, are more willing to outlay larger volumes of money on Joe Biden.
We highlighted yesterday that the five biggest wagers placed via OddsChecker in October on the 2020 election had been on a Joe Biden victory. One online bettor in the UK wagered a mouth-watering $650k on Joe Biden this week, that person is set to win just over $1 million.
2020 Election Betting Insight & Predictions
OddsChecker's Head of Marketing, Sam Eaton "Despite the betting market casting some doubt on Donald Trump's chances ahead of next weeks election, he does, in fact have a much better chance than he did at this point in the 2016 election. Five days prior to the 2016 election, Donald Trump's odds (+225) implied he only had a 30.8% chance of defeating Hillary Clinton."
"The 2020 election betting trends are following a similar pattern to those witnessed in 2016. On both occasions, the outsider, Donald Trump accounted for the majority of actual bets placed on the outcome of the election. Another big political event where bettors correctly predicted the upset was Brexit, on this occasion 73% of bets were placed on leave."
"Donald Trump's popularity with bettors could potentially grow before election day due to an increase in less frequent bettors getting involved with the betting market. Smaller bettors are more likely to wager the outsider due the bigger potential wins. One of our UK partners has already taken over $260 million of wagers on the US election, making the 2020 election their biggest betting event in history. The operator is predicting that number could still rise to $650 million before election day."
"In a normal betting market, you'd expect Donald Trump's odds to shorten with the number of people looking to place a wager on him winning. However, the bigger volumes of money being put down on Joe Biden is balancing out the market. We don't predict a huge shift in the odds before election day, but there's a possibility Donald Trump's chances (implied probability from the odds) could rise to 36-39% before Tuesday."
Betting On The 2020 US Election Vegas Odds
US residents can't bet on politics just yet, however, online betting via your phone or laptop is legal in various states. Check out which bookmakers operate in your state here.
Even though you can't bet on the 2020 US Presidential election, you can still make a sizable chunk of money on the result. FanDuel and DraftKings are both running huge free-to-play games for next weeks election. All you have to do is enter your predictions to win a share of the gigantic prize pool.