News & Opinion | November 3, 2020 10:58 am

Bettors Expected to Wager More Than $1 Billion on 2020 Presidential Election

The Biden-Trump outcome is a hot bet for punters in Europe and the UK

Bettors Expected to Wager More Than $1 Billion on 2020 Presidential Election
A coil of stickers to hand out to voters at a polling station.
Yegor Aleyev/TASS

Though wagers on the presidential election aren’t legally offered through U.S. sportsbooks, more than $1 billion is expected to be wagered on the Biden-Trump outcome in Europe, according to British betting firm GVC.

That is double the amount that was bet on the 2016 election when President Trump upset Hillary Clinton, according to GVC head of political betting Matthew Shaddick.

“This is a huge market,” Shaddick said. “It is twice as big as 2016, easily making it the biggest political event ever. It might be the biggest ever market on anything pretty much and outstrip football worldwide. I guess a billion pounds ($1.3 billion, 1.1 billion euros) is being bet.”

Biden is favored to win at GVC as well as at rival sportsbook William Hill.

“We predict this will be the biggest wagering event of 2020,” said William Hill international spokesman Rupert Adams. “The figures are simply astounding and include all sporting events.”

Though U.S. sportsbooks cannot offer monetary bets on the election, a number have set up free contests for customers, USA Today reports. At FanDuel, more than half of participants have taken Trump to emerge victorious, while the majority of residents in 49 of 50 states taking part in DraftKings’ contest also picked Trump to win.

(Colorado is the only state where a majority went with Biden as the winner.)

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