Vice-president Kamala Harris has now become the favorite to become the next POTUS according to oddsmakers, but there is still plenty of time for those odds to shift between now and November.
Harris Pulls Ahead
Much has transpired since President Joe Biden withdrew from the presidential race and now his vice-president, Kamala Harris, having been as low as 10% before his withdrawal, is now the betting favorite after choosing Minnesota Governor, Tim Walz, to be her running mate.
Voting on politics, presidential or otherwise, is not allowed in the United States, but offshore markets have plenty to say about the U.S. presidential election. The most recent glance at the U.S. election odds at offshore books shows that shops are hanging odds of Harris -105 (51.2% chance of winning) while Republican candidate Donald Trump has fallen to +120 (45.5% chance of winning).
Biden’s Exit
President Biden’s chances had been sinking fast after a disastrous debate against Trump in June. Viewers questioned his mental acuity, as his rambling statements became too obvious for the Democrats to ignore any longer. This prompted a call to action to convince Biden to drop out of the race and give his party a chance at victory.
The pressure continued to mount and Biden ultimately withdrew, paving the way for Harris to carry the torch and keep the Dems in the White House. Recently, Vice-president Harris chose who many believe was an unlikely running mate in Tim Walz but that choice has seemingly not her chances and may have something to do with her recent surge.
“I am proud to announce that I’ve asked Tim Walz to be my running mate,” Harris posted on X. “As a governor, a coach, a teacher, and a veteran, he’s delivered for working families like his. It’s great to have him on the team.”
What the Oddsmakers Are Saying
It is important to note that Donald Trump received the majority of the money bet on this presidential election with his opponent presumably being Joe Biden. However, now that his opponent is a much younger, more vibrant candidate, some of those punters may be trying to hedge their bets.
Betfair spokesperson Sam Rosbottom said: “Since Kamala Harris injected momentum back in the race for president following Biden’s exit, she has organized Democrats across the country and continued to be backed on the Betfair Exchange.
“The past three weeks have shown her defying expectations again and again, with punters gaining more confidence that she can credibly challenge Trump in November.
“Then this morning Harris overtook Trump to become the Betfair favorite for the first time…Will she maintain her momentum with the punters? Time will tell.”
Dublin-based bookmaker, Paddy Power, has similar odds on the election as of this writing and the next major event was supposed to be on September 10th on ABC in a Biden-friendly format. However, once Kamala Harris was announced as the presumptive Democrat nominee, Trump pivoted and said he would debate Harris on September 4th on Fox News, a much more Conservative platform.
However, Harris isn’t biting, responding to Trump’s announcement, “I’ll be there on September 10th, like he agreed to. I hope to see him there.”
