Betting on the US Presidential Elections
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- Category: Gambling Industry
- Created: Tuesday, 22 October 2024 07:27
Up until recently, Betting on the US Presidential Elections was impossible on American soil. Thus, gamblers wanting to bet on it had to use offshore sportsbooks. However, this year things are different. This is thanks to a recent ruling allowing betting on the US elections that took place in September.
Now, the enthusiasm for wagering on the 2024 presidential election continues to grow, and a recent legal decision has made it more accessible for Americans to place their bets.
At Polymarket, a leading online betting exchange, participants have already invested more than $1.2 billion in the US presidential election. This figure includes substantial wagers from two anonymous individuals who have placed millions on a victory for Trump.
Betting market odds have become a topic of discussion among US media outlets and campaign strategists, being referenced similarly to opinion polls and monitored with the same attention as weather forecasts.
Betting on the US Presidential Elections – Making U.S. Politics Fun!
Betting on elections has historically been banned in the United States; however, various exchanges and their participants have discovered alternative methods to engage in this activity.
On October 2, a federal appeals court determined that the prediction market Kalshi could temporarily offer contracts related to US elections, resulting in over $3 million in political contracts generated within the first week. The Commodity Futures Trading Commission, which previously ruled that such contracts violate commodities law, contends that this practice constitutes illegal gaming or gambling and is pursuing additional appeals hearings as early as December.
As the legal status of election betting in the United States remains contentious, one prevalent strategy for wagering on the presidential race involves operating from outside the country. Thus, not all sportsbooks will have Presidential betting odds available. Most of the best offshore sportsbooks will have them available but not local ones.
People would usually never gamble, are not placing bets on the US Presidential elections. No matter who they bet on, it gives them a chance to put their money where their mouth is. Thus, making the whole political process more fun and enjoyable.
In addition, it gives people a different perspective on the entire election process. This is because it lets them know how other people feel about different candidates. Therefore, Political betting lets enhance clarity of thought. Hence, it compels individuals to engage with likelihoods and probabilities rather than relying solely on emotions and subjective opinions.
At the moment, more people are putting their money on Donald Trump.
Not Who you Want to Win but who you think will Win
Prediction markets such as PredictIt, operated by Victoria University in New Zealand, and the Iowa Electronic Markets at the University of Iowa, exist on a different end of the spectrum. These sports betting platforms manage to circumvent legal challenges by functioning as academic initiatives rather than commercial enterprises.
Researchers highlight several factors that differentiate betting markets from opinion polls, which is considered advantageous.
“It’s not about who you wish to win, but rather what you believe will occur. This represents a distinct inquiry,” stated John Phillips, co-founder and CEO of PredictIt, in an interview with The Independent.
Phillips further emphasized that political betting markets offer an element of enjoyment, a term not typically associated with the often tumultuous nature of national politics. While betting may appear trivial, successful participation requires a foundation of reliable information and quality news.
“This is beneficial for democracy,” he remarked. “Individuals who might otherwise be apathetic become more involved.”
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