Trump, Biden and Bernie appeared briefly on the FanDuel Sportsbook. Election odds were posted on the West Virginia sportsbook site on Tuesday.
WV is poised to become the first state to allow legal presidential election betting, but FanDuel may have jumped the gun.
Election odds are off the board in West Virginia.
Hours after the election betting lines were posted for action in West Virginia, the WV Lottery stepped in and asked for the POTUS odds to be taken down. West Virginia Lottery oversees sports betting regulations in the state.
While the lottery had previously approved election betting, they now are asking for more time to research and prepare.
Sportsbook operators are growing more and more anxious for sports and events to generate revenue. The coronavirus pandemic has been the cause of layoffs and general nervousness in the industry. Election betting could be what the doctor ordered.
The move made WV the first state to offer legal election betting, while it lasted. Will POTUS bets be back?
Many legal experts have pointed out that the state code of West Virginia and other states actually prohibits wagering on elections.
FanDuel argues that the laws in WV (and other states) specify that it is local and state elections that are outlawed for bets. Presidential elections, according to FD, are held nationally.
Is Presidential betting good for voter turnout or against the public’s best interest? The sportsbook says voter turnout would increase and engagement in general would grow.
Others are making a case that wagering on the election would cause Americans to vote on their bet, not their beliefs.
Until now, US election betting has only been done illegally offshore. Las Vegas lists odds for each presidential race, but they do not actually take action. The Vegas odds are for promotional and informational purposes only.
Political betting is legal and a booming industry in the EU and AU. It will be exciting to see if the US follows the lead of these older legal betting markets around the world.
Election Odds – Surprising Numbers and Candidates.
The election odds on FanDuel (now pulled) have Donald Trump (-110) as the favorite to win. This is a significant increase in payout on a Trump reelection, compared to recent odds listed at offshore betting sites.
Joe Biden is second in the election odds at +125. Bernie Sanders, once under +400 (offshore) to win the election, has seen his odds inflate to +3500.
Shockingly, Hillary Clinton is on the board at +5000 along with Nikki Haley. Fifty to one on Clinton suggests that the oddsmakers have at least some insight about Hillary joining the race late.
For Nikki Haley, the number might be saying there is a chance that Trump will not be on the Republican ticket in 2020. Theoretically, the president could quit or be removed from office before the election.
But, the biggest election odds surprise has to be Andrew Cuomo at +2200. 22/1 on the NY Governor? Cuomo has not publicly indicated that he will jump in as a presidential candidate, but this number is a major smoke signal.
The governor has risen quickly to national stardom for his leadership in New York during the coronavirus. The +2200 number might indicate serious consideration happening behind closed Cuomo doors, or it could be strictly a result of recency bias and popularity.
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