Taking a betting plunge on the Presidential Election result is still not permitted in Pennsylvania, however, interest in being able to do so is higher than ever. Of course, the 2020 race has come and gone and Democrat Joe Biden not only won the state of Pennsylvania but took out 306 electoral college votes to now be President-elect ahead of his inauguration on January 20.
President Donald Trump is disputing the result but has appeared to soften in recent days and reportedly is considering a run again for the top job in 2024. Election betting throughout the rest of the world is huge, but as it stands you cannot currently place a wager on Trump (or anybody else for that matter) in 2024 or anytime else in the Keystone State.
As Kevin Hennessy FanDuel spokesperson explained before the election;
“Election betting in Europe is huge. If Trump wins, it would have cost Flutter’s (FanDuel’s parent company) European businesses more than $10 million”
CNN also reported recently on the size of the Presidential Election handle with U.K/Europe based sportsbook Betfair;
“The amount wagered on the US election to date is more than the combined wagering on Betfair for the four most bet-upon sporting events: the 2017 Floyd Mayweather Jr. vs. Conor McGregor boxing match, the 2018 World Cup, the 2019 Grand National horse race, and the 2020 Super Bowl.”
According to Betfair and other European and Australian sportsbooks, Donald Trump is the man most likely to win the Republican Party nomination for President is 2024 and have already installed the Donald as 10/1 third-favorite to win the 2024 race behind the two Democrats, the man who would be incumbent, Joe Biden at 7/2 and his Vice-President Kamala Harris at 4/1.
Outside of that, Republican Governor of South Carolina Nikki Haley is at 12/1, Trump’s Vice-President Mike Pence at 16/1, Democrat Alexandria Ocasio-Cortez at 20/1 and Ivanka Trump, Donald Trump Junior and Dwayne “The Rock” Johnson rounding out the field at 25/1.
Given the number of Trump family members in the field, Betfair is also offering 8/1 odds of any Trump family member winning the Presidency in 2024.
How can I Make Money on Elections in Pennsylvania?
Whilst it is not exactly betting, there is a way to make money on betting on election outcomes in Pennsylvania. What you can do, if you are certain that Trump, Biden, Harris or The Rock can be elected President in 2024 is to take part in what is known as a predictive market.
With these types of predictive sites, market demand for a result outcome sets the odds rather than the handicappers on markets as diverse as the winning the popular vote or winning the majority of electoral college votes.
Of those type of sites, Predictt is arguably the most popular. Perhaps more closely resembling trading shares online than traditional sports betting, the price you pay for your shares corresponds directly to the probability of the outcome of any event. As more bets (shares) come in over time for any one outcome over another, the price of your ‘shares’ will change.
It’s not exactly sports betting as we know it in terms of how it is played nor how winnings are calculated, but it is what we have for now in Pennsylvania to legally make money on election outcomes.
This year, FanDuel offered a free head to head election outcome game. However, it is hoped by the time the next Presidential Election comes around that FanDuel and all the other legal sportsbooks will be permitted to offer U.S. Presidential Election betting for real.