Americans could see a repeat of the candidates from the 2020 Presidential Election when they head to the polls for the 2024 Presidential Election. Here’s a look at the current betting odds for the 2024 Presidential Election.
What Happened: The White House confirmed in November that President Joe Biden would seek re-election. Former President Donald Trump, who lost the 2020 election to Biden, is said to be circling another run.
Currently, Americans can’t use betting apps, such as DraftKings Inc. (NASDAQ:DKNG), to treat the 2024 Presidential Election as a bettable event. Other countries, such as the United Kingdom, allow users to bet on the U.S. election.
2024 Election Odds: The Smarkets betting exchange in the United Kingdom favors Trump. Here are the odds of his becoming the U.S. President in 2024:
- Donald Trump +275
- Joe Biden +550
- Ron DeSantis +650
- Kamala Harris +1600
Based on the odds, no candidate is a clear favorite to win, which shouldn’t be a surprise with anyone officially entering the race and the primaries still years away. However, Trump is increasing his lead in the markets.
“Donald Trump has now hit an all-time high mark on the Smarkets exchange and is pulling away as the clear favorite to win the 2024 election,” Smarkets Head of Political Markets Matthew Shaddick told The Action Network.
The betting odds imply Trump, who is currently taking Trump Media & Technology Group public in a SPAC deal with Digital World Acquisition Corp. (NASDAQ:DWAC), has a 26% chance of winning the 2024 Presidential Election and Biden has a 16% chance.
Bet365, a UK betting exchange, also lists Trump as the betting favorite with the following current odds:
- Donald Trump: +240
- Joe Biden: +500
- Ron DeSantis: +550
- Kamala Harris: +1200
- Mike Pence: +2000
- Pete Buttigieg: +2500
- Elizabeth Warren: +3300
- Michelle Obama: +3300
- Hillary Clinton: +4000
Betting exchange company PredictIt, which offers a $1.00 payout for the winners of certain outcomes, lists the candidates as follows:
- Donald Trump: 28 cents
- Ron DeSantis: 27 cents
- Joe Biden: 22 cents
- Kamala Harris: 9 cents
- Pete Buttigieg: 6 cents
Related Link: Trump SPAC Merger Has Provisions For Presidential Run, Prison Time
Why It’s Important: While the election is years away, the betting odds imply that if Trump runs, he might be the favorite to win the 2024 Presidential Election.
Action Network’s Anthony Dabbundo said that the odds being assigned to Biden are low for someone who is the sitting president and would be the incumbent in the election.
“President Biden’s low approval ratings and the forecasted lasting inflation have hurt his chances to win re-election in 2024 in the betting markets, with former President Trump expected to run again and Florida Governor Ron DeSantis seen as the top frontrunners to challenge him,” Dabbundo said.
Biden has seen his approval rating drop with inflation rising, something the betting markets might bet taking into consideration.
Biden defeated Trump in the 2020 Presidential Election with 306 electoral votes versus 232 for Trump. Biden won the popular vote 81.2 million votes to 74.2 million votes.
