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The 2020 U.S. Election has fast become the biggest single betting event in history, with more than $400million gambled on which presidential candidate will clinch victory, bookmakers say.
A whopping $420million has so far been bet on Betfair Exchange as the world waits to see who will be the next U.S President, the bookmaker told Newsweek.
Over the past 24 hours alone, more than $52million has been placed on the next president market with $26million going on Joe Biden and $25million on Donald Trump.
Although Trump has so far accounted for the majority of bets on the market, the largest volume of money has been wagered on Joe Biden.
"The big money is coming for Biden because people get more confident at the end of an election about the state of the market and the big hitters enter," professional political gambler and Betfair election expert Paul Krishnamurty said.
OddsChecker, which aggregates betting data from dozens of bookmakers, made similar observations.
"In the last four hours, 71 percent of money wagered on the 2020 U.S. Election has been placed on Donald Trump," OddsChecker's head of marketing, Sam Eaton, said.
"Despite accounting for 63 percent of the bets placed in October, Donald Trump only accounted for 39 percent of money actually wagered on the election. In fact, the five biggest bets placed via OddsChecker in October were all on Joe Biden winning."
Joe Biden is pegged as the bookmakers' clear odds-on favorite heading into the 2020 Election.
The Democratic nominee has been the betting favorite to win the historic election since May.
Political gambling is allowed in the U.K., but is banned in the U.S. and with election day now upon us, Biden leads the polls with an average 61 percent implied probability of clinching victory ahead of Trump, according to leading UK bookmakers.
On Monday, an unnamed person placed a £1 million ($1.29 million) bet on Joe Biden winning the 2020 U.S. presidential election.
The bet, which was placed with a British bookmaker over the weekend, stands to earn a $1,987,502 return if the Democrat wins. It is the biggest political bet of all time, according to Betfair.
Earlier today Newsweek reported how bookmakers believe Donald Trump's chances at winning a second run at presidency have "improved massively" in the last 24 hours before election day.
The Republican received a substantial late boost overnight, moving from an average 35 percent implied probability of clinching victory to a 40 percent chance.
"Donald Trump's chances have improved massively in the past 24 hours," a Betfair spokesperson said.
Yesterday, and with just one day to go until polls open, the bookmaker gave Democrat rival Joe Biden a 65 percent implied probability of clinching victory ahead of Trump's 35 percent chance.
"It's finally Election Day in the U.S. and Donald Trump's chances of beating Joe Biden have received a late boost, with his odds improving from 15/8 (35 percent chance) to 6/4 (40 percent) overnight," Betfair spokesperson Sam Rosbottom said.
