American residents 18 years or older will be able to vote for the 2024 President in an upcoming election. They can’t however bet on the outcome of the election, as sports betting companies in the U.S. don’t take bets on the presidential election. Residents north of the U.S. can bet on the outcome, with Ontario taking bets on the winner of the 2024 Presidential Election.
What Happened: Ontario legalized sports betting in April and is one of the areas that offers betting odds on the winner of the 2024 Presidential Election in the United States.
DraftKings Inc (NASDAQ:DKNG) began offering betting odds in Ontario in July and updated odds show former President Donald Trump as the favorite and a governor being one of the big gainers in the last month.
Here are the current odds for 2024 President from DraftKings in Ontario:
- Donald Trump: +275
- Ron DeSantis: +300
- Joe Biden: +600
- Kamala Harris: +1400
- Gavin Newsom: +1400
- Mike Pence: +1800
- Nikki Haley: +2500
- Pete Buttigieg: +2500
- Michelle Obama: +3500
- Hillary Clinton: +4000
Trump remains the favorite on the DraftKings betting platform, but drops slightly from his +250 level on July 13, when odds went live. DeSantis remains in second place and keeps the same odds.
President Biden ranks third and sees his odds slip from +550 to +600.
California's Governor Newsom is one of the biggest winners over the last month, going from odds of +3000 to +1400 and now ranks tied for fourth.
Vice President Harris and former Vice President Pence both saw their odds fall from +1200 and +1400 respectively when odds went live.
Odds Elsewhere: U.K.-based Bet365 offers betting on the presidential election. The betting platform has DeSantis now listed as the favorite at odds of +275. Trump and Biden rank second and third at +300 and +600 respectively.
Trump was listed at +275 tied with DeSantis in the last Benzinga report on the betting odds. Biden gained slightly going from +650 to +600, but remains back from the odds of +500 and the second place listing he had in June.
Betting exchange company PredictIt, which offers $1.00 payout for the winners of certain outcomes, lists the candidates as follows:
- DeSantis: 29 cents
- Trump: 28 cents
- Biden: 21 cents
- Harris: 8 cents
- Newsom: 7 cents
DeSantis has taken over the favorite position on PredictIt moving up from 27 cents to 29 cents in the latest report. Biden gained a penny from the 20 cents Benzinga last reported.
Related Link: Trump SPAC Merger Has Provisions For Presidential Run, Prison Time
Why It’s Important: Betting odds could help show which candidates have momentum heading into the election and how different events impact the odds.
The current odds for Trump show that the FBI raid of Mar-a-Lago had little impact on the former president being the favorite or second favorite for sports betting and prediction markets.
Ontario is the most populous province in Canada, with over 14 million people. In close proximity to the United States, Canada could see an increase in political-related betting coinciding with the 2024 election.
As sports betting platforms have launched heavy promotional activity around large sporting events like the Super Bowl and March Madness, it will also be interesting to see if there are odds boosts and heavy promotions around the 2024 election.
Many of the top betting odds candidates have yet to officially announce a run for president in 2024, which could greatly impact the odds. Rumors of Trump potentially exploring a presidential run come as his media company Trump Media & Technology Group is in the process of going public via SPAC merger with Digital World Acquisition Corporation (NASDAQ:DWAC).
Photo: Courtesy of Gage Skidmore and Matt Johnson on flickr
