Ahead of the presidential election in the U.S. on November 5, a competitive race is unfolding between Kamala Harris and Donald Trump on legalized betting platforms, with most bettors expecting Trump to win. According to the Kalshi platform, Americans have wagered over $123 million on the elections.
With just days to go before the presidential election, there is a serious debate on which candidate will win, not only among polling firms and the media but also on betting sites.
Americans will vote on Tuesday, November 5, to elect the country's 47th president, with Democratic candidate Kamala Harris and Republican nominee Donald Trump in a tightly contested race expected to be one of the most competitive in recent history.
Most bettors on Kalshi are predicting that former president Trump will win, with odds placing his chances of victory at 48% as of Friday. On the crypto trading platform Polymarket, as well as on UK-based betting platforms Sporting Index and Betfair Exchange, Trump's odds of winning were over 59%.
This election cycle marks a significant milestone as betting on elections has become legal in the U.S. Earlier this month, a U.S. appeals court approved election betting, allowing Kalshi to offer bets on the presidential race and congressional elections.
It is believed that millions of dollars were wagered on these platforms even before the legalization. However, election betting still lags far behind sports betting. According to estimates from the American Gaming Association, over $23 billion has been wagered on Super Bowl LVIII this year, and around $2.7 billion on March Madness.
