Betfair's US election odds show bettors are confident Biden will be the 46th president but Trump isn't giving up as the counting continues reports Max Liu...
"Counting is continuing in Pennsylvania, a key swing state which has 20 electoral college votes - enough to put Biden over the 270 for victory line. The Democrats are 1.232/9 to win there with the Republicans 4.77/2."
Joe Biden is an 85% chance to be America's next president on the Betfair Exchange as the counting of votes continues in key states.
The challenger is 1.182/11 while Trump is 5.95/1 but, although Biden is edging towards the 270 electoral college votes needed for victory, the contest is still alive.
A record £483m has now been bet on the outcome of the winner on the Exchange and that figure is rising, more than doubling the previous record for the biggest betting event of all time.
Counting is continuing in Pennsylvania, a key swing state which has 20 electoral college votes - enough to put Biden over the 270 for victory line. The Democrats are 1.232/9 to win there with the Republicans 4.77/2.
Last night, Wisconsin and Michigan were projected as victories for Biden, although the Trump campaign are set to challenge the results in the courts.
But Arizona, which was thought to be in the bag for Biden - the Democrats have been backed at Betfair's lowest possible odds of 1.011/100 - could be back in-play because the mail-in votes there, which are still being counted, appear to be breaking for Trump and he's eating in Biden's lead.
This has compounded the sense of confusion. Democrats speculated for months that Trump would refuse to concede and would challenge the legitimacy of the vote if he lost.
That's exactly what's happening but it is still difficult to predict what will happen next and America is in the throes of a full-blown constitutional crisis.
The turnout at the election was enormous and looks on course to be the highest for more than a century. Biden received more votes than any candidate in history but Trump got more than he did four years ago when he beat Hillary Clinton.
This has lead pundits to argue that, even if Trump loses the election, the support he received shows Trumpism is not dead and he will stand again in 2024 as the Republican candidate.
Before then, we need to get to bottom of the 2020 election, and it is threatening to drag on. Comparisons are being made to 2000, when the outcome was decided in the Supreme Court more than a month after election day.
Keep up to date with the latest developments via our election live blog.