Political betting markets are usually an afterthought in the frenzied world of regulated sports betting. But this year’s US presidential election, and its accompanying drama, is creating an absolutely frenzied market that’s like nothing the industry’s ever seen.
The fervor surrounding US political betting is all the more remarkable given the fact that, unless they’re living abroad, no American citizens can even legally wager on the outcome of the election.
Matthew Shaddick, Head of Political Betting at GVC recently sat down with CalvinAyre.com’s lead reporter Becky Leggero to discuss why this election is so popular with punters.
One aspect of the US election that’s really appealing to the betting public is its binary nature. American voters have a choice between just two candidates; candidates who are as different as night and day. “Well it’s great because it’s pretty simple, right? You don’t have to be a political expert to understand it’s a two-horse race, either Biden or Trump is going to win, not like let’s say complicated parliamentary systems like we have in Europe, especially the U.K., Germany and so on, where even saying who wins this election is not necessarily an easy question to answer,” he said.
Of course one of the US candidates, despite his authoritarian leanings, is fairly colorful (and we’re not talking about Joe Biden). ” “He’s just such a massive news story worldwide, almost everyone’s got a strong opinion in one way or the other, and I think that’s what’s really driving this to be the biggest political betting event we’ve ever seen.”
Shaddick says he’s pretty confident that Biden will carry the day and will do so with traditionally GOP states like Georgia and Texas. He’s also ready for a contested count that drags on and on. Everyone, likely Shaddick included, is ready for the election to be in the history books.