With one month to go, and an epic presidential debate in the books, November 3 is shaping up to be a historic day for bettors according to sports betting analysis and data publisher Covers Media Group.
But given that political betting is still illegal in US jurisdictions, American bettors who want to get involved will have to trek to Europe or look to the offshore market. Regardless of who is the smarter bet when it comes to Trump or Biden, one thing is for certain: it will be a record handle for political betting.
Covers senior writer Patrick Everson spoke with Matthew Shaddick, Political Trader at Ladbrokes; Jay Kornegay, Executive Vice President of Race and Sports at the Superbook at Westgate; and other well-connected members of the sports betting industry about what to expect leading up to election day.
“Just talking to others who have booked the election, they’ve been saying for years that the presidential election handle would dwarf the Super Bowl,” Kornegay said. “And when I say dwarfs, I’ve heard 10 to 15 times the Super Bowl numbers. More people have political opinions than sports opinions. You’re reaching a bigger demographic.”
“The odds, like the polls, have actually been very stable over the last few months,” Shaddick said. “The odds are giving Trump a much better chance than the polls would imply. As far as the betting goes, it’s all Trump. His supporters seem to be able to ignore or dismiss all the polling evidence.”
Across the pond at Ladbrokes, Shaddick said betting was suspended “until we get a bit more reassurance about Trump’s health status” in response to the huge news last week that the president and wife Melania Trump tested positive for COVID-19.
