Excitement of the US Presidential Election was also enlivened by bets from supporters of their respective candidates. However, when the results determined that Joe Biden wins. There was one person who championed him to win. And he had a bet of £1 million had not been paid.
The stakes lie on the world’s largest online betting exchange: Betfair Exchange
On 29 October, bets were placed on the Betfair Exchange, the world’s largest online betting exchange. The US presidential election is by far the largest single event in the platform’s history.
The betting providers are said to have not been able to collect their original profit and stake of £ 540,000. A Betfair spokesman said the market would be resolved once the result was officially announced that Joe Biden won the US presidential election.
Biden does win, bets are settled when Trump admits defeat
Usually bets will be settled after the speech of the losing presidential candidate. But this year is different, President Donald Trump has yet to admit defeat and he continues to encourage his lawyers to sue legally.
“We will only settle the market when there is certainty around which candidate has the most projected Electoral College vote. Before finalizing the market, we will have to wait for clarity around the ongoing vote count, recount, and potential legal challenges to the outcome,” Betfair said. , to quote from CNN, Tuesday (10/11/2020).
The US presidential election has broken records for Betfair. The contest has so far attracted a stake of £ 567 million, making it the largest event in the platform’s 20 year history.
The 2016 US election raised £199 million. While £51 million was at stake in the 2017 showdown between Floyd Mayweather Jr. and Conor McGregor.
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