Former President Donald Trump and Vice President Kamala Harris traded places as the election betting favorite twice this week during the Democratic National Convention in Chicago.
Harris entered the DNC, which took place Monday through Thursday, as a slight favorite to win the White House. But Trump supplanted her as the favorite Tuesday, when he surged to the -113 favorite over Harris at Pinnacle, a respected offshore sportsbook that is not regulated in the US.
Trump also was the +100 favorite Wednesday over Harris at London-based Betfair Exchange, which reported more than $53 million pounds, which equates to $70 million, has been wagered on the election outcome.
Betfair also reported that more money has been bet on Trump than on Harris, though more wagers have been placed on Harris.
"Their odds have completely flipped in the last 24 hours, and the betting market is now as tight as it has been since April, when Joe Biden and Trump were neck and neck," Betfair spokesperson Sam Rosbottom said Wednesday. "With just under three months to go until polling day, we're expecting to see plenty more swings and movement on the market in that time as the campaigns ramp up."
Harris regained the role of favorite Thursday, when she gave the closing speech at the DNC. Harris was the +100 favorite at Betfair on Friday, and Trump was +108.
A positive number represents how much a bettor would win on a $100 wager, meaning a bettor would win $100 on a $100 bet on Harris to win the election and $108 on Trump. The odds were a virtual toss-up at Pinnacle on Friday, when Trump was -109 to win the election and the field (any other candidate) was -111. A negative number represents how much a bettor must wager to win $100. At the current odds at Pinnacle, a bettor would have to wager $109 to win $100 on Trump to be elected. Betting on politics isn't permitted at US sportsbooks.
