Sportsbet has announced former Vice President Joe Biden for the winner of the 2020 Presidential election and paid out a total of $23 million. Should Trump win, Sportsbet will honor all outstanding bets.
Aussie Bookie Sportsbet Pays out Early Winnings to Biden Bettors
Bookmakers has seen over $1 billion wagered on the outcome of the 2020 US Presidential election with almost 80% of that handle going in the way of current US President Donald Trump. While ballot counting hasn’t finished yet, Australian bookie Sportsbet feels confident it has pinpointed the winner and has paid out $23 million worth of bets backing the former US Vice President.
Biden, who is still 17 Electoral College votes short of a victory at press time, was sportsbooks’ favorite with over a 60% chance of success, but this didn’t stop bettors to pony up and back POTUS instead.
For the nonce it wasn’t the bookies fading the public, but the other way around. Some bettors felt so confident that they bet copiously on Trump, expecting returns of up to $15 million per wager.
Sportsbet posted an update on its website, arguing that while the official result was still days away, the bookie had no intention of tying up punters, and preferred to pay out what it saw as a shoo-in.
Biden and Trump Supporters to Keep Winnings
Trump supporters may be a little flummoxed right now, but Sportsbet reassured that in the event of an unlikely victory for POTUS, the bookie would be honoring all associated bets:
“Trump win bets are still pending. If Donald Trump goes on to win, we will still pay out Trump as the winner.”
-Sporstbet
What about Biden supporters? Sportsbet reassures that in should Trump pulls a comeback, Biden supporters who have bet and been paid will keep their money. It’s quite the precarious situation Sportsbet is trudging into, but it feels confident enough to see it through.
Biden Was Never a Dark Horse
As one of the most bet on events in the world the race has already surpassed the Super Bowl in betting popularity, and justifiably so as the election proved a close one, and results will probably not be in until December 1.
Biden was falling behind until late on Wednesday when Wisconsin and Michigan, two swing states, started counting mail ballots and the Democrats ended up flipping them in their favor.
Joe spoke from his home state of Delaware, saying rather guardedly that: “when the counting is finished, we believe we will be the winners.” His demeanor was in stark contrast with POTUS’ own actions.
On Wednesday, the incumbent went on Twitter to announce an early victory and then asserted that Facebook and Twitter were working against him.
His message was quickly flagged as misleading. While Twitter exchanges seldom lead to any meaningful juridical outcome, Trump’s legal team is already putting a task force together to challenge results in Georgia, Michigan and Pennsylvania.
Interestingly, though, Trump is still leading in Pennsylvania and Georgia based on CNN official electoral data, but his campaign may be expecting a different outcome with mail votes now being counted.
Trump seems a little too jumpy on the trigger. Perhaps so were the bettors who shed hundreds of millions backing him?