Punter bets £1m on Biden

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The 2020 election has provoked strong feelings across America, but for one person the result of the vote could have very expensive consequences.

Betfair Exchange has announced its biggest-ever political bet, with one user placing £1m ($1.3m) on a victory for Democratic candidate Joe Biden.

The company, the world’s online betting exchange, currently sees a 8/15 (or 65%) likelihood of Biden winning in tomorrow’s election, meaning that the punter would be able to claim £1.5m ($1.9m) if successful.

Biden’s chances have improved significantly since April, when the odds of him winning stood at 5/4. Back in February – before he secured the Democratic nomination – that figure was just 99/1.

While he may still be far behind his rival, Trump’s prospects are looking much better than they did four years ago – in the 2016 election, the Republican candidate’s odds never rose above 9/1 (10%).

The 2020 election has now become the biggest betting event of all time, and is projected to double the previous record of almost £200m set during the vote in 2016, according to Betfair.

Besides being the largest ever political wager, the Biden bet is also the third-largest Betfair gamble of any kind – the record was set in 2010 when someone staked £1.1m on a victory for tennis star Rafael Nadal in his match against Thomaz Bellucci.

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