As Trump refuses to concede, some bettors hold out too

By Elizabeth Howcroft and Krystal Hu LONDON/NEW YORK (Reuters) - President Donald Trump's challenge of the U.S.

Reuters November 13, 2020 00:14:01 IST
As Trump refuses to concede, some bettors hold out too

As Trump refuses to concede some bettors hold out too

By Elizabeth Howcroft and Krystal Hu

LONDON/NEW YORK (Reuters) - President Donald Trump's challenge of the U.S. election result in the courts has emboldened some to bet he can still win, even as most bookies have settled bets by accepting that President-elect Joe Biden will succeed him.

Trump still has a 10% chance of remaining in the White House for a second term, according to Betfair, an online betting exchange that matches opposing wagers by punters. That is up from 3% late last week.

Democrat Biden is currently projected to win 279 electoral college votes, more than the 270 he needs to become president. He is ahead of his Republican rival Trump in the voting count in states that would bring his electoral vote total to 306, according to Edison Research.

All major U.S news organizations have called the Nov. 3 election for Biden based on preliminary voting tallies.

Major bookmakers, such as Paddy Power, Ladbrokes and William Hill, have paid out bets on the basis that Biden won, but many online exchanges such as Betfair have not settled bets and remain open for election wagers.

The discrepancy shows how some punters are backing Trump's long-shot bid to overturn the election outcome in the courts, based on unproven claims of extensive voting fraud and irregularities.

"I'm a loyal Trump supporter and I put my money where my mouth is," said Chris French, a 53-year-old mortgage broker from West Sussex in Britain. After losing a 50 pounds ($66) bet on Trump with a bookie that settled bids once TV networks called the presidency for Biden, French placed a new 10 pounds bet on Trump this week with an online exchange that still accepted wagers.

"Trump was so far ahead on the election day. I believe things will turn once fraud is uncovered," French added.

Despite a flurry of lawsuits filed by the Trump campaign in the last few days, legal experts say the litigation has scant chance of changing the outcome.

A Trump campaign spokesman said: "With every action we take, we are moving closer to the goal of re-electing President Trump. More than 70.5 million Americans voted for the President and he owes it to them – and everyone who voted for Joe Biden as well – to ensure that the election was fair and secure."

The Biden campaign did not respond to a request for comment.

Nearly 80% of Americans, including more than half of Republicans, recognize Biden as the winner of the presidential election, according to a Reuters/Ipsos poll published this week.

Prominent Republican lawmakers and other Trump allies have defended Trump's refusal to concede, arguing he has the legal right to contest the results.

Betting exchanges such as Betfair and Predictit that are still taking bets on the election said they needed more certainty to call the outcome, and declined to specify when they would follow the lead of the bookies. A Predictit spokeswoman said the company was "seeking clarity in light of ongoing vote counts, potential recounts and any legal challenges."

Not all betting exchanges remain open to election bets. Smarkets settled bets on Saturday after U.S. TV networks called the election for Biden. "It appeared clear that Biden's leads in the key swing states was unassailable," a spokesman for the firm said.

Those who are still bullish on Trump's odds remain defiant. "I think the betting odds show that there are some smart people that are realizing this is not over," said Nathan Lands, a Silicon Valley entrepreneur and Trump supporter.

(Reporting by Elizabeth Howcroft in London and Krystal Hu in New York; Editing by Greg Roumeliotis and Rosalba O'Brien)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Donations under $8K to Trump ‘election defense’ instead go to president, RNC
World

Donations under $8K to Trump ‘election defense’ instead go to president, RNC

By Jarrett Renshaw and Joseph Tanfani (Reuters) - As President Donald Trump seeks to discredit last week's election with baseless claims of voter fraud, his team has bombarded his supporters with requests for money to help pay for legal challenges to the results: “The Left will try to STEAL this election!” reads one text. But any small-dollar donations from Trump's grassroots donors won't be going to legal expenses at all, according to a Reuters review of the legal language in the solicitations

Saudi king urges world to take 'decisive stance' against Saudi's regional foe Iran
World

Saudi king urges world to take 'decisive stance' against Saudi's regional foe Iran

RIYADH (Reuters) - Saudi Arabia's King Salman bin Abdulaziz urged the world on Thursday to take "a decisive stance" to address efforts by Iran to develop nuclear and ballistic missile programs, in an annual address to the top government advisory body. "The kingdom stresses the dangers of Iran's regional project, its interference in other countries, its fostering of terrorism, its fanning the flames of sectarianism ..

Belize voters want 'change' as they pick next PM
World

Belize voters want 'change' as they pick next PM

By Jose Sanchez BELIZE CITY (Reuters) - Belizeans headed to the polls on Wednesday to replace a veteran prime minister, with many in the tiny Central American country saying they were ready for change to repair an economy battered by pandemic-driven shutdowns. Dean Barrow, the outgoing prime minister, ran Belize for more than a dozen years.