US election sets betting records overseas with $1 billion in wagers

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The U.S presidential election is proving to be a boom for bookies overseas.

Total betting on the 2020 race between President Donald Trump and former Vice President Joe Biden is expected to approach the $1 billion mark.

“This is a huge market,” Matthew Shaddick, head of the British gambling firm GVC, told AFP News  “It is twice as big as 2016, and easily making it the biggest political event ever.”

The election has surpassed the Super Bowl in terms of dollars bet and will be the biggest decision in the site’s history since the Floyd Mayweather-Conor McGregor boxing bout in 2017, annoucned Betonline.ag.

Earlier in the week, one person placed a $1.3 million bet on Biden, which is the biggest political bet of all time. If Biden wins, the player would bag $1.99 million dollars.

Biden has a substantial lead in national opinion polls, although the contest is slightly closer in battleground states likely to decide the race.

“Florida is one where the polls suggest Biden is the more likely winner, but the (betting) markets have Trump as favorite,” Shaddick said.

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