US Election: £500,000 bet on Biden sets Betfair Exchange record

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A UK Betfair customer today placed a £500,000 bet on Joe Biden winning the 2020 election to set a record for largest wager of the 2020 campaign

"It is the biggest bet of the campaign so far in a market that is going to break all sorts of records."

A UK-based Betfair Exchange customer has staked £500,000 on Joe Biden to win the 2020 US election at odds of 1.538/15. Including the stake the bet returns £775,000.

It is the biggest bet of the campaign so far in a market that is going to break all sorts of records.

Once out in the wilds as a 100.099/1 shot during what was perceived to be a lacklustre campaign to win the Democrat nomination, Biden is now the clear favourite to be named Next President.

Barack Obama's former vice president is 1.51/2 (66% implied probability) to defeat incumbent Donald Trump at the ballot next month. Trump can be backed at 2.982/1 (34% implied probability) to be re-elected.

There's an interesting pattern to the way each candidate has been bet.

The top 10 biggest bets are all for Biden as heavyweight political traders come out in force behind the Democrat winning.

However, more total money has so far been bet on Trump (£83m) than Biden (£74m)

Interest in the market, already massive at more than £100m, has snowballed in recent days with £9m bet in the last 24 hours - putting the election firmly on course to smash 2016 election's record to become the biggest betting event of all time.

At the time of writing the market has seen more than £167m bet.

Betfair spokesperson Sam Rosbottom said: "A customer has just placed a record-breaking £500k bet on Joe Biden on Betfair Exchange at 1.538/15, breaking records for this campaign. The wager is the latest significant stake on a Biden win and as far as one political bettor is concerned at least, the Democrat challenger has never been in a stronger position for victory."

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