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For those not familiar with UK betting. Betting is still opened and the odds are roughly 1 vs 10, meaning if you bet £1 on Trump and he makes it you will earn
by user5994461 6y ago
For those not familiar with UK betting.
Betting is still opened and the odds are roughly 1 vs 10, meaning if you bet £1 on Trump and he makes it you will earn £10 back.
It's normal for betting to continue after the end of an event. Usually the odds are reaching 1 vs 98 toward the end, because the betting platform is limiting the multiplier to about that and because there's actually money to make there in the last few percents.
Things do happen in the last second and results do change after a match (goal in the last second in football, horse falling in horse racing, candidate disqualified, re-scoring). For this event it's relatively normal for the betting company to wait until the candidate is in the white house before redistributing the money.
What is unusual here is for the odds to be this close this late in the game. We're at a fairly late point in the election when the outcome is relatively settled, is there 10% chance for trump to win?
The money is real, indicating there are many people who think so. Yes you (and 9 other people) could bet £1 on Biden and hope to make £1.10 back, because there's one person on the other side willing to bet £1 on Trump hoping to make £10 back.
P.S. Betfair is not open to US users (not legal in the US). Don't try to open an account, you will be blocked when you try to open the account or when you try to credit it.
- user5994461 6y agoSome more information the reader may find of interest. Betting exchanges have market makers and heavy automated trading, just like financial exchanges. The price is arbitraged and adjusted in real time between the different exchanges. The two biggest exchanges after betfair are smarkets and bet365. The first closed the market and redistributed the money. The second didn't seem to accept betting on the US election. It means that the betfair market is in free wheel, no more connected to the rest of the world, it can effectively show any price. Smarkets: https://smarkets.com/event/886736/politics/us/us-presidential-election-2020/2020-election-winner https://smarkets.com/event/886736/politics/us/us-presidentia...