- The 2020 Presidential Election is one of the biggest betting events in history, with more than $1 billion being bet on the race.
- According to major sportsbooks BetOnline, this year’s election has surpassed the Super Bowl in total betting handle.
WASHINGTON D.C. – Tuesday marks a historical day in the timeline of US history, as well as one for the world of sports betting.
The betting handle for the 2020 election between President Donald Trump and former Vice President Joe Biden has now surpassed the Super Bowl in terms of total betting handle.
Betting on the election is illegal at any US-based betting platform, but international online sportsbooks and books in Europe are now reporting that over $1 billion is expected to change hands after the results of the election are known.
Current election odds have Joe Biden as the strong favorite over Donald Trump, leading to tons of money coming in on the current president to retain his seat.
US Presidential Odds
- Joe Biden -190
- Donald Trump +160
Biden is almost a 2/1 favorite to defeat Trump in the election, but tons of money is coming in on Trump in the last moments before the results.
According to major international book BetOnline.ag, money is flooding in on Trump to win the election as the underdog much like they did in 2016.
“When there’s a fishy line or movement in sports betting, the old adage is that ‘Vegas knows something,'” said Dave Mason, brand manager at BetOnline.ag, “But in 2016, it was the bettors in the know. The oddsmakers make a living being on the right side, but they were dead wrong that year.”
Books like BetOnline.ag are seeing tons of money coming in on Trump, leading to many workers in the betting industry praying for a Biden win to avoid a massive payout.
Since the start of this week, nearly 85% of presidential wagers placed have come in on Trump, leading to many in the betting industry wondering if the world is in for a surprise just like it was in 2016.
That year, many outlets expected Hillary Clinton to easily defeat Trump, much like they do now with Biden.
This draws the comparison to Super Bowl betting, which is typically the biggest betting event on the calendar year.
Big bets are common for the Super Bowl, but one bettor is matching that energy with a single $1.29 million bet on Joe Biden to win the election.
Regardless of who wins the election, this day will be remembered forever by bookies and oddsmakers around the world.
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