2020-11-13 19:13:06 UTC
President Trump is not the only one who adamantly refuses to credit Joe Biden
with winning the 2020 presidential election.
Honchos at online gambling sites around the world, which take wagers on election
outcomes, are also refusing to call Biden president-elect, despite the final
tallies in his favor in whats been called a historically secure election. Now,
millions of dollars in gamblers wins and losses hang in the balance.
At one site alone, London-based Betfair, nearly $600 million in presidential
wagers are hanging tight.
Bookmakers typically have no qualms about coughing up big bucks when Super Bowls
go sideways or boxing matches go to hell. In 1990, Buster Douglas shocked the
world by knocking out mighty Mike Tyson, defying odds as high as 42-1 and
leading one gambler to win $57,000 on a $1,500 wager (before the disparity even
peaked). But this time, online gambling sites (which offer a mode of betting
that is illegal in the US) are keeping hands in pockets during this months
We still have not graded a winner, Adam Burns, sportsbook manager of
BetOnline, told The Post.
Burns said hes reserving a decision until Trump exhausts his legal options.
People who bet Trump say it is not over. People who bet Biden say it is. This
makes for a tricky situation where we have to be sure. Its not like a football
game in terms of there being a clear-cut victor, Burns said.
Its also not like a football game in terms of money that has been wagered.
Burns said his site brought in a seven-figure total for this election. Others
brought in similar totals.
The presidential election was bigger than the Super Bowl, which is normally our
biggest event of the year, said Burns. We kept taking action, with fluctuating
odds for a few days after the election. But now the bet is [no longer available]
and were hoping for an official decision.
According to Bloomberg Wealth, gambling sites have learned their lessons from
past missteps. In 2016, the Irish gambling platform PaddyPower paid out more
than $1 million on Hillary Clinton as the winner prior to Election Day.
But, even as presidential bettors cool their heels, they are not completely out
in the cold. The gambling site 888 is offering action on whether Trump will last
the full term in office (betting no will get you 6-1 odds) and Biden winning
in 2024 is 12-1 at BetOnline, with thinner odds planned for wagers on Kamala
Harris taking over the presidency in 2022.
Well probably put it at 7-1 or something like that, said Burns. The age
thing plays into it, he said, referring to Biden, 77, and Harris, 56.
For now, though, he is most keenly focused on a definitive outcome of the
presidential election. Personal politics aside, Burns admits to pulling for
Biden as a professional play.
If Biden comes in, its a big win for us, he said, explaining that the sites
customers favored Trump. If Trump is declared the winner, we will take a bath.
It will not be a happy day here.