The election betting market had turned towards President Trump as Trump’s odds of winning the presidential race had reached an all-time high on election night.
Before election night, Joe Biden had been favored by the betting market. However, his chances had dipped to 30% late Tuesday night as he struggled to secure the key swing states.
The betting markets have flipped for Trump for the first time since Biden won the nomination. pic.twitter.com/hKJqoZ64QW
— Wonderbeard (@WonderbeardShow) November 4, 2020
Meanwhile, President Trump now has a high chance of being elected for another term, according to bookies.
President Trump’s odds of winning the 2020 race reached an all-time high
On Election Day, as the final polls all across the country are starting to close, President Trump’s odds of winning the presidency had reached an all-time high for the first time.
Although Joe Biden had been a frontrunner among betting markets up until late Tuesday, with a 69% chance of winning, the betting market flipped in President Trump’s favor as Joe Biden’s chances of winning dipped to 30% as votes for Biden are struggling to secure key swing states.
This made the odds flip in favor of President Trump, whose chances to win reached 76.9%. This figure is a significant jump from the previous odds that the President had at the start of the election, where gamblers are placing a 40% chance for Trump’s re-election.
Maxim Lott, the co-creator of electionbettingodds.com, told Fox News that “He [Trump] hasn’t won yet, but it is looking like he might.”
However, Lott had pointed out that despite these present odds, the real outcome remains mostly unpredictable and could still flip back to Biden’s favor.
These predictions mentioned are based on the betting market located outside of the country, as it is illegal for Americans to be gambling on politics. A majority of which comes from Europe. This betting event was said to be the largest in history, with $460 million on the line amid a tumultuous year due to the coronavirus pandemic. This data is according to the Oddschecker.
Trump and Biden locked in a tight race in key states
On Tuesday night, Joe Biden and President Trump were in a tight race in swing states across the country as they had concluded a stretch of the campaign. This 2020 election results will shape America’s future response to the ongoing pandemic and the foundational questions raised about economic equity and racial justice.
Both Biden and Trump also had some predictable victories, with President Trump winning in states like Kansas and North Dakota. Meanwhile, Joe Biden’s haul includes Colorado and Virginia, two of the previous battlegrounds that had become Democrats’ strongholds.
Americans made their choices about who will be the next President who will sit in this unprecedented time as the world is facing a historical crisis. Meanwhile, each candidate is declaring the other as unfit to lead through these challenging times.
Despite the worries that the virus had been posing, millions of voters waited in line to vote in person. The in-person votes on election day is an addition to the 102 million Americans who had cast their ballots days and weeks earlier.
Early results in multiple key battleground states are coming in as election officials are processing a record high number of mail-in votes. Most democrat voters typically opt to do in mail voting. This means that the candidates’ early margins will be influenced by what type of votes are being reported per state, is it early or election day votes.
As Joe Biden enters the election day with multiple chances of winning, President Trump caught up in number with big bulk coming from battleground states.