Video Summary

The 2020 US presidential election has seen a significant shift in the betting markets, with Joe Biden now favored to win. Sabjit Bakshi, head of political markets at Smarkit, says the numbers have been “absolutely phenomenal” with over 6 million dollars traded in the past 24 hours. Initially, Donald Trump was favored to win after Florida and Texas were called in his favor, but the trend has reversed as more states have reported in favor of Biden. With Wisconsin, Michigan, and Nevada leaning towards Biden, he is likely to reach the required 270 electoral college votes to win the presidency. Betting markets on whether Trump will concede the election have seen a significant drop, with people now more likely to think he won't concede if he loses. There is also interest in betting on the timeline for a winner to be declared, with next week being the new favorite. The Senate races have also seen a shift, with the probability of the Republicans retaining control now at 78%, down from earlier expectations of a “blue wave” for the Democrats. Smarkit has reported that this is their biggest political market ever, with unprecedented levels of trading activity.