Biden’s Withdrawal from 2024 Election Shakes Up Betting Markets
President Joe Biden’s announcement that he is not seeking re-election has caused a flurry of activity in the betting markets.
Trumps odds lengthen following Biden’s withdrawal.
LISTEN TO THIS ARTICLE:The 81-year-old President, who is currently recuperating from COVID-19, has endorsed Vice-President Kamala Harris as the Democratic candidate, which has caused a major shift in the political betting landscape.
Harris’s Odds Shorten Following Biden Exit
Since Biden’s announcement, there has been a notable shortening of Kamala Harris’ odds of winning on political betting platforms. Her chances surged by 10%, giving her a 36% probability of victory. In contrast, following Trump’s major odds rise after his assassination attempt, this week, his odds took a minor dip, giving him an implied 62% chance of winning.
In the UK, where betting on political events is legal, bookmakers quickly updated their odds. Trump remained the favorite at 1/2, while Harris’s odds improved from 5/1 to 2/1, underscoring the bookmakers’ surprise at the recent developments.
Harris’s emergence as the frontrunner for Democratic candidate has, of course, resulted in speculation about her potential vice-presidential pick. California Governor Gavin Newsom is the leading contender at 14/1, followed by former First Lady Michelle Obama and Michigan Governor Gretchen Whitmer, both at 16/1.
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Biden’s Exit Supported by Democrats
Democrat leaders have largely supported Joe Biden’s decision and praised his prioritization of the country over party politics. Senate Majority Leader Chuck Schumer lauded Biden for his patriotism and said that only someone who truly loved the country could do what he has done.
Meanwhile, Donald Trump utilized his Truth Social platform to criticize Biden’s presidency, attributing various national issues to his tenure and using the opportunity to galvanize his supporters.
The rapid developments in the political arena have made political betting a significant aspect of the 2024 election cycle. Despite a ban on offshore betting sites in mainland US, record amounts are still being wagered on the presidential outcome and betting activity is only likely to increase as the election approaches.
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