Re-electing President Donald Trump would massively boost the economy … of one British man.
The Sun, a UK tabloid, reported that a former banker there made the largest political bet ever, with a $5 million bet on Trump to win the election. With 37-to-20 odds, he would receive a $15 million payout if Trump wins, according to the Sun’s sources.
The bet was placed through private bookmakers who are registered in Curaçao, a Caribbean island where this man might be buying a fifth home soon. The Sun reported that a friend said his bet was based on “Trump camp insiders.”
Sam Eaton, the head of marketing for Oddschecker, said that 71% of the money bet on the presidential election was on Trump during a four-hour span Tuesday morning. Paddy Power, a bookmaker, told the Sun that 93% of the presidential election bets had been on Trump in the past day. Another one, Ladbrokes, said 75% of bettors went with Trump in the past week.
Betting on politics is illegal in the U.S.
“The 2020 election is following a very similar betting pattern to the one we witnessed back in 2016,” Eaton told the New York Post. “The closer we got to Election Day, the more money came for Donald Trump.”
Despite the recent surge, Joe Biden remains the betting favorite with Betfair Exchange, reporting one gambler putting $1.29 million on Biden to win. GVC Head of Political Betting Matthew Shaddick said twice as much money has been bet on this election vs. 2016.
There is one guaranteed winner on Election Day – the bookmakers, as always.