The US election is still ongoing for one person who reportedly bet $1.3 Million on Joe Biden to become the countries next president.
The major wager was placed on October 29 on the Betfair Exchange, which is the world’s largest online betting exchange. This is an interesting platform because it allows gamblers to find others to match their wagers.
Without a doubt, the US presidential election was by far the biggest single event in the platform’s history.
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Even though major media outlets have called the race in favor of Biden, the bettor can’t yet collect their £540,000 ($710,000) profit and original stake. A spokesperson for Betfair said today that the “market will be settled once the result has been officially confirmed.”
Professional politics gambler and Betfair election expert Paul Krishnamurty said the big-money bets were coming in for Biden due to growing confidence in the betting market.
Safe to say it was a risk, but a great one to take. And it’s obvious that if an individual has that kind of coin to bet on the presidency, they probably are ok with waiting until Biden officially takes the seat. It’ll be interesting to see what other bets were placed and who will be the winners and losers of those bets.