US Presidential Election 2024: Donald Trump has just 18% chance of winning

• Ex-president will run in 2024

• But bettors unimpressed after midterms

• DeSantis favourite to be next president

• Biden's second term odds shortening

Donald Trump is 5.59/2 on the Betfair Exchange to win the US presidential election in 2024 after he declared that he will run.

Trump, who lost to Joe Biden after one term in the White House in 2020, comfirmed that he will bid to to return to office at a rally at his Mar-a-Lago estate in Florida on Tuesday night.

Bettors are unimpressed by his chances with Trump drifting to 5.59/2 after the miderterm elections.

DeSantis to be GOP candidate and next president

He lost favouritism to the Flordia governor Ron DeSantis who is 3.55 to win the presidency in two years and 2.56/4 to be the Republican (GOP) nominee.

Trump wants to be Republican candidate but, if he fails to win the nomination, he could stand as an indepdent. That would split the Republican vote.

The Republicans are 1.824/5 to be the winning party in 2024 but the Democrats [2.38 ] are by no means out of it.

President Biden's chances of winning a second term have improved, with the 79-year-old shortening to 5.79/2 to win re-election. Last week, Paul Krishnamurty said Biden was the value bet at 6.25/1.

Failed Red Wave gives Democrats hope

The midterms results were disappointing for the Republicans, as the Democrats retained control of the Senate.

The Republicans are set to achieve a majority in Congress, which will cause legistlative challenges for Biden, but the expected "Red Wave" of Republican wins failed to materliaise.

That was down in part to the poor performances by Trump-backed Republican candidates for Senate and Congress. The Republicans tended to perform better where they fielded moderates.

Not that Trump is admitting that. At last night's rally, he tried to argue that Republicans had actually done well in the midterms.

He also called America a "nation in decline" and vowed to put an American on Mars if he wins.

Senior Republicans urged Trump not to run in 2024 but he forged ahead and, two years out from the election, their party looks divided.