Tue, Nov 8, 10:32am by Bren O'Brien
A record number of people globally are betting on the US Presidential election, with betting exchange Betfair predicting the amount of money exchanged on the result on Tuesday’s US vote will surpass any political event in history.
Over AU$180 million had been traded on Betfair as of Tuesday 10am AEDT, and with 24 hours remaining on trading, it is set to surpass the $205 million traded on the Brexit vote earlier this year.
The total trade on Betfair is expected to be around four times as much as was bet on the 2012 poll.
British and Australian bookmakers are also reporting record amounts invested on the result of the election.
The growth in political betting is one factor in the boost in trade on the result of this election, but the nature of the campaign, which has pitted former first lady Hillary Clinton against property developer and reality TV show star Donald Trump.
Democratic Party candidate Clinton has held favouritism since the head to head market with Trump were opened. However, earlier in the primary process as much as $10 was on offer about her becoming the next president.
She has drifted slightly in the past 24 hours to be $1.22 to win the election, but just last week had drifted out to $1.40 after the FBI announced it was still investigating over 600,000 emails found on a computer linked to one of her senior aides.
However, the FBI has since announced that Clinton is on the clear, boosting confidence that she will become the first women to hold the US Presidency.
Trump’s campaign continue to be bullish despite the most recent polls indicating Clinton holds a 4% margin.
Betfair confirmed this week that two-thirds of those who had backed the upset Brexit result were also backing Trump, who is $5.50 with Betfair, but much shorter ($4.50) with the likes of Sportsbet.
Trump was as long as $110 on Betfair when markets opened.
There are a wealth of betting options on the election, including turnout, with the 58-62 per cent bracket favourited at $3.40, ahead of 54-58 per cent.
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