A British gambler has reportedly staked $5 million on President Trump winning Tuesday’s election — a wager believed to be the largest-ever political bet. The guy (presumably british businessman), who is based offshore, used a private bookmaker who approved his wager.
The businessman had contacts inside Trump's reelection campaign, according to a source close to the matter quoted by The Sun, who felt sure about prospects of reelection. The person is looking at a $15 million return if the mystery man's wager succeeds.
Paddy Power, reported that an estimated 93% of all cash has been invested on Donald Trump over the last 24 hours before election day, even as the odds appear to favor Former Vice President Joe Biden. In reality, a $1.3 million bet on Biden, the Democratic presidential nominee, was made by another unknown person to win the 2020 election.
A famous British bookmaker, Ladbrokes, commented that a lot of Trump's betting drive arrived in the past week. In the last seven days, almost 3 out of 4 bets were made on the incumbent.
Betfair reported that bets worth some $337 million were made on it a sum that tops all past election races, and in terms of betting value, it definitely outperforms the Super Bowl.
In 2016, when Trump was given much lower odds of victory, the predicted handle greatly outweighed the sum wagered on the electoral race, but he ended up beating Democratic nominee and former Secretary of State Hillary Clinton.
In the United States, political betting is not permitted, although it has gained traction around the world. In strong performances, offshore bookmakers are still raking.
According to BetOnline, one of the leading bookmakers focused on the US market, the bookmaker would lose a total "in the low seven-figures" if Trump wins the race.