US election set to be biggest gambling event in history with more than $1bn wagered

The latest headlines from our reporters across the US sent straight to your inbox each weekday

Your briefing on the latest headlines from across the US

Please enter a valid email address

Please enter a valid email address

SIGN UP

I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy

The US election could be the biggest betting event in history with more than one billion pounds ($1.3bn) wagered on the race for the White House.

And one British gambler has even put down a  million pound ($1.3m) bet on Joe Biden to defeat Donald Trump, according to one UK firm.

Betfair says the huge bet it received for a Biden win is its biggest ever political wager and would see the gambler win 1.54 million pounds ($1.9m).

Matthew Shaddick, Head of Politics Betting at Ladbrokes Coral Group, says that the industry could hit the one billion pound mark by the time the polls close on Tuesday.

Donald Trump’s chances to win the election improved in betting markets over the weekend but Mr Biden remains a strong favourite, according to Reuters.

Betters on British exchange Smarkets give Biden a 65 per cent chance of winning, while Trump’s prospects improved from 34 per cent to 35 per cent.

Betfair it has already taken 271 million pounds ($350m) in bets and expects a total of 400 million pounds ($516m) double what it saw in 2016.

Although Mr Biden has a strong national polling lead, bookmakers say they will be concentrating on the tight battlegrounds.

“Florida is one where the polls suggest Mr Biden is the more likely winner, but the betting markets have Mr Trump as favourite,” said Mr Shaddick.

“The GOP have tended to over perform the polls quite regularly in that state.”

Reuters