The Presidential race is the most noted political event in American history. Every four years, many Republican, Democrat, and third-party candidates spend much time and vast resources to campaign for the chance to sit in the Oval Office. The Presidential election is the perfect opportunity to profit from placing a wager. Gambling on presidential elections not only allows the public to invest in the outcome but to also reveal the direction in which the public truly believes that the country is moving. In this portion of the political betting guide, expect to gain knowledge on key factors to consider when betting on the presidential election.
Is It Legal To Bet On The Presidential Election?
Betting on the presidential election is legal in jurisdictions that have legalized sports betting. Recently, the Supreme Court ruled in Murphy v. NCAA that the Professional Amateur and Sports Act is unconstitutional, which effectively lifted the federal ban on sports betting. Many states are rushing sports gambling bills through their respective state legislatures to sign into law.
States that have legalized sports betting include Delaware, Mississippi, Nevada, and New Jersey. Rhode Island, West Virginia, and Pennsylvania have also legalized sports betting but have not launched their betting operations. It is also legal to bet on Presidential elections, Senate elections, House of Representative elections, and Gubernatorial elections through offshore sportsbooks.
Current Presidential Election Odds - 2020
Key Factors To Consider When Betting On The Presidential Election
Two key factors to consider when determining the best possible outcome of Presidential elections are the popular vote and the electoral college. Popular votes are widely considered as the collective voice of the people. Ideally, the candidate that wins the majority of the popular vote is the candidate that wins the Presidency. However, there have been four elections, including the very recent 2016 presidential election, in which the odds have tipped in the favor of the other candidate due to the electoral college.
The founders of this nation created the electoral college because they believed that the public should not be able to directly elect their leader. Each of the 538 electors gets assigned to states based on state population. If the majority of the popular vote in a state is for a specific candidate, then the winner takes all electors of that state in most cases.
Electors pledge- but are not required to- choose the Presidential candidate that the people of their political party voted for. Clearly the electoral college system throws a wrench into the political betting odds as the electoral college has directly contradicted the popular vote on multiple occasions. Nevertheless, the presidential pick of the electoral college prevails. Consider the function of the electoral college before placing a political bet.
Other factors to consider when gambling on US politics are the historic trend of political parties that win and how likely it is for that bipartisan party to prevail again, the state of the national economy, the political climate and how each candidate has responded so far to political issues, how the majority of people perceive the candidate, how well the candidate appeals to its audience, how wide and far-reaching the platform and views of the candidate has, and the list continues.
Note that the popular vote and majority public opinion are not the sole influencers of elections. In the next election and many to come, observe trends in the polls, while keeping an eye on the political strategies of each candidate as they climb their respective ladders in the primaries.
A very popular type of bet to place months, or even years in advance is a futures bet. Before anyone declares that they are running for the next presidential election, futures bets are a great way to reap a very sizable payout while risking very little money. To place a futures bet, pick from a long list of people that could possibly run for president. A few examples of names featured on this list include Donald Trump, Hillary Clinton, Michelle Obama, Kanye West, Oprah Winfrey, and Mark Zuckerberg.
To attempt to win a futures bet, determine the level of success that possible candidates have enjoyed with their political party. Consider whether they are affiliated with the Republican party, Democratic party, or another third party. Also, consider which political party the incumbent president is a member of and whether he or she is eligible for another term. Consider the general success that the candidate has enjoyed throughout his or her career.
Although an individual may not have political experience, such as Trump, they may win the election due to their business savvy. Also, determine the current political climate of the country. The 2020 presidential candidates will require very different public appeal than the 2008 elections as new generations emerge.
Essentially, betting on presidential elections can be very profitable when employing proper strategies and understanding how various factors influence election outcomes. Incorporate the information in this section into betting strategies to better the odds of earning winnings when betting on the Presidential election.
Frequently Asked Questions
1. When is the next presidential election?
The next presidential election is scheduled for Tuesday, November 3, 2020.
2. When will we know who is running for president?
Within the first six months of 2020, primary elections will solidify the 2020 presidential candidates.
3. Are there prop bets during the presidential campaign?
There will be many prop bets during the presidential campaign and after the nominees are chosen for each party.
4. Are there any betting odds currently available for the presidential elections?
There are betting odds currently available for the presidential election subject to many changes as 2020 nears. According to industry insiders, Donald Trump sits at the top of the list with the betting odds at +140. Kamala Harris ties with Bernie Sanders for the second spot at +1200.