Over the past few months, online gambling websites around the world saw a massive uptick in political bets. More than a billion dollars was wagered on the 2020 US presidential election. Much of that money was placed on Joe Biden to win. Interestingly, Joe Biden betting payouts have not yet been made.
This is frustrating for those who wagered on Biden to win the election. It may be some time before any of these wagers start being paid out, though. Today, we’re going to talk about why this process is taking so long.
Let’s get into it!
2020 Election Results are Still Being Disputed
On November 3rd, people around the world began flocking to their televisions to see the results of the 2020 US presidential election. As the hours ticked on, it became clear that an official winner would not be named in just one day. The large number of mail-in ballots meant this process could drag on for much longer than a standard election.
By the end of election night, Donald Trump seemed ahead by a large margin. As the week went on, however, Biden began to pull ahead. Over the past weekend, most media outlets projected that Joe had won the election.
Many in the Republican Party are now calling for an investigation into the results of this election. They have disputed the process of counting mail-in ballots. President Trump has shown no willingness to concede until this investigation has been completed.
It’s an interesting time for the country. There’s a lot that can happen over the next few weeks. It seems difficult to imagine that the election results could change. The impact of this election being overturned would be dramatic.
The 2020 US presidential election ended up being the most-wagered-on event of all time. Heading into election night, the odds for Trump and Biden to win were extremely close.
Many have been complaining that their winning bets have not been paid out yet. Here’s why that is.
Here’s Why Joe Biden Betting Payouts Are Being Withheld
Historically speaking, a US presidential election is usually decided within a day or two. This year’s election saw a massive number of mail-in ballots, meaning it would take longer for the results to be counted.
Biden was declared a winner by a small margin in several different states. As a result, Donald Trump has called for recounts and has launched investigations into the counting process. He has not formally conceded the election.
This means the election results are still technically up in the air. Until this process has been completed, Joe Biden betting payouts will not be handed out. No one can really say when these wagers will be paid, as well.
New reports claim that more than $600 million in political wagers is still being withheld by a single site. The total amount of money yet to be paid out is unknown. It’s an extraordinary amount of money and many are eagerly waiting to see how things unfold.
Obviously, this is a frustrating situation for those who wagered on Biden to win. It’s not a surprise to see these wagers being held onto, though. Imagine if the results ended up changing after payouts. This would be a disaster for online gambling sites around the world.
Those that bet on Biden will need to wait a little longer. It’s reasonable to assume this situation will be cleared up before the end of 2020. We’ll continue offering updates over the next few weeks!
Political Bets Still Available Online
Political betting is more popular right now than ever before. As we mentioned earlier, the 2020 US election was the most-bet-on event in history. Despite the fact that many of these wagers have yet to be paid out, some are continuing to bet on other political events.
MyBookie, one of the best internet sportsbooks in the US, is now offering a wide range of different political bets. One of the most popular options is wagering on who wins the 2024 presidential election. There are some fantastic odds on many different candidates.
At the moment, Joe Biden is the betting favorite to win the election four years from now with odds of +100. Biden is expected to take over the presidency in January. If he’s successful over the next four years, it’s reasonable to assume he could be reelected.
Some are surprised to see Alexandria Ocasio-Cortez listed as the next favorite to win with odds of +300. AOC has a large following in many areas of the country and would be at the age requirement by the time the next election rolls around.
Those looking to go with an underdog could place their wagers on Bernie Sanders getting the nomination. Sanders has gone through the presidential election process several times in the past. It seems unlikely he’d be willing to do so again. With odds of +1000, however, this could pay off massively.
Joe Biden betting payouts are expected to come out before the end of the year. Let us know if you plan on betting on any more political events in the comments section below!