Bookies Bet Big on President Trump
Recent polling has finally come in since the Republican National Convention ended, and it shows a massive tightening of the presidential race, both in terms of national and key state polling.
Hence, this week, President Trump became a minor favorite to win the election, according to betting markets.
According to RedState, on September 1st, the betting markets moved into this position:
For the non-gamblers out there, RedState explains what this means:
Those numbers mean that a bettor would need to wager $118 in order to win $100 on President Trump. Alternatively, a bettor would need to wage only $104 to win $100 on Joe Biden.
This is a reversal from July 28 when a bettor would have needed to wager $177 in order to win $100 on Biden.
In proposition betting, moving from $177 down to $104 is a HUGE stand against Biden’s chances to win.
RedState continues that in 2016, because polls all favored Hillary Clinton winning, the betting numbers looked like this on November 1st of that year:
However, even though, as of Thursday, several polls favoring Biden moved the race into a complete tie for the betting markets, with both candidates at -110, it is obvious that the presidential race has clearly tightened.
And the fact that Biden’s months-long large polling lead has essentially collapsed is a huge reason for hope for Trump supporters.