The race to the White House heats up as political betting markets narrow on the heels of the appointment of California Senator Kamala Harris to the Democratic ticket.
Joe Biden officially became the Democratic party’s presidential nominee on the second night of the Democratic National Convention Tuesday, setting up what is sure to be a closely followed election battle against president Donald Trump in November – in the media, by the public and in the betting.
As the frontrunner in the Democratic race, Joe Biden’s nomination came to pass according to expectations without any drama highlighting the virtual event. Biden was effusive in his thanks, making a brief statement alongside his wife, Jill Biden, and several grandchildren that were in attendance.
The drama – if it can be called that – surrounding Biden, featured last week. Seven days to the day – on Tuesday, August 11 – the day Biden made his VP selection known: California Senator Kamala Harris.
Almost immediately, on the heels of the announcement, Biden’s odds to win the 2020 US presidential race plunged dramatically. To speculate, it might seem almost as if the markets – which encompasses public betting trends – reacted to the result of the Veep Stakes negatively; theoretically marking a sign that Biden either got the veep pick wrong, or, perhaps, that the public wasn’t buying what the joint Democratic-ticket was selling, or, even, a combination of both.
Then again, the cause-effect of market’s readjustment might be down to entirely different development. For instance, the resumption of the White House briefings by Donald Trump, bringing the president front and centre in public attention.
Speculation aside, the facts are so: Only a week prior, BetOnline had Biden trading as high as -190 to win the 2020 US Elections and, at the same time, Donald Trump was whiffing at the disadvantaged price of +150. Things were looking most auspicious for the 77-year-old former vice president, and decidedly less so for the incumbent.
The day Biden gave Kamala Harris the nod though, the Democratic hopeful saw his odds in 2020 US Elections betting fall off a cliff –BetOnline sportsbook dropped Biden’s odds markedly, dwindling them down to -135. Where his odds sit up to this point.
In the meanwhile, Trump closes the gap on Biden and improves to +105 – which is a smidgen short of EVEN odds. That can be interpreted as a measure of rejuvenation Trump’s re-election chances by his camp and a source of optimism for MAGA supporters that are keen to see anther four years of a Trump White House.
Although the 2020 US presidential markets aren’t being mirrored identically with all the top-rated sportsbooks, there’s a growing sense of a shifting political landscape nonetheless. Equally, a decline in Biden’s chances to ascend to power in November – rightly or wrongly.
SportsBetting sportsbook echoes BetOnline by pricing Biden at -135 while Bovada has dropped Biden down to -140 and Bookmaker has slashed Biden’s odds down to -140. For Democratic supporters, BetOnline’s price of -135 represents the best price (return on investment) for Biden in the latest political betting markets.
Whichever way one slices the 2020 US elections, this is a key development in the race to the White House, marking the first significant move on the political odds board since Biden overtook Trump in the betting back in early June.
At the face of it, Biden remains in the lead as the so-called “betting favourite,” but Trump in narrowing the playing field substantially, makes the betting – in no uncertain terms – a right toss up for political picks. Separately, it represents the best odds Trump has endured in some time.