October 27, 2020 - 12:00 pm
Updated October 27, 2020 - 12:19 pm
Former Vice President Joe Biden’s odds of winning the presidential election improved to -200 over the weekend on the United Kingdom-based Betfair Exchange, but more bets and more money were placed on President Donald Trump.
The price on Biden, the Democratic candidate, moved up from -188 on Friday to -200. Conversely, the price on Trump, the Republican candidate, moved from +188 to +200.
Betting favorites are expressed with a minus sign and underdogs with a plus sign. In this case, a bettor would have to wager $200 to win $100 on Biden, or $100 to win $200 on Trump.
Trump attracted 6,700 bets over the weekend totaling about $4.83 million, while Biden got 5,250 bets totaling about $4.7 million, Betfair said in a release.
However, the 10 largest bets overall have been on Biden, including a bet of about $653,175 to win about $359,246 (estimates based on converting pounds to dollars).
Betfair election expert and professional political gambler Paul Krishnamurty said Trump continues to fascinate UK bettors.
“Trump is much better known than Biden in Britain, and he engages people like nobody else whether positive or negative,” Krishnamurty said. “He’s driven money into the betting markets due to his huge appeal as the great underdog candidate that pulled off one of the fairy-tale upsets of all time in 2016.”