US Presidential Election Results 2020: Betting market in favour of Trump or Biden?

While Biden is slightly ahead of Trump in the race, betting markets seem to be favouring US President Donald Trump as the winner. The data from two aggregators suggest Trump is winning over Biden in the US Elections 2020. Bettors on British betting exchange Betfair are giving Trump a 60% chance of winning the second term in the White House, up from 39% when polls opened on Tuesday morning, Reuters reported. As per Betfair, Biden's chances have declined from 61 percent from Tuesday to 40 percent today.

It could be a nervous night for Biden considering the tight competition between the presidential candidates, Betfair spokesperson Sam Rosbottom.

Meanwhile, the UK-based Smarkets Exchange says Donald Trump has 65 percent chances of winning the elections than Biden, who has 35 percent win-odds. This is a stark difference from pre-poll analysis, which predicted Trump's chances at 39 percent, while Biden's chances were 61 percent.

Trump's holding the fort in Florida's key swing state played a huge role in the shift in the betting perception among betters, suggest experts. Amid this, Biden needs to bring crucial Midwestern states of Pennsylvania, Michigan, and Wisconsin in his fold. The US appears to be on track to see over 160 million votes cast in the 2020 presidential election, a turnout rate of about 67 percent, which is higher than the country has witnessed in more than a century.

As per the current trends, Biden has already won 236 electorates, while Trump is trailing behind at 213. In a press briefing, Trump thanked the American people for their tremendous support. He said a "very sad group of people is trying to disenfranchise that group of people, and we won't stand for it... The results tonight have been phenomenal."

Alleging fraud in voting, Trump said, in his opinion, his party has already won. "We'll be going to the US Supreme Court. We want all voting to stop. We don't want them to find any ballots at 4 in the morning and add them to the list... as far as I'm concerned, we've already won."