United States election to rake in around $1 billion in wagers

The 2020 United States Presidential Election has drawn some of the highest ratings in recent political history. While the campaigns of each candidate are drawing some of the highest ratings in history, the election is also finding itself in the mix of historic numbers when it comes to gambling. 

According to both USA Today and the New York Post, the 2020 election is expected to have more than $1 billion in bets and wagers. This pool of money will be held in Europe as it is illegal to bet on the presidential election here in the U.S. 

The possible $1 billion that can change hands due to the election has surpassed the most recent Super Bowl betting pool and will be the biggest decision since the Mayweather-McGregor Boxing match in 2017 for the betting firm accepting the wagers. 

Utica College Senior Brady SanFilippo believes this election was the race to set such historic numbers when it comes to the gambling side of it.

“I think this election drew so many people in because the country is in a dangerous political state,” he said. “ I think people are betting because they love the risk of it. People are looking at it as high stakes.” 

It might take a little longer than usual to see who comes out as president for the next four years as going into Wednesday the election is still wide open. Some swing states are still reporting their official count, while the Associated Press is rumored to make an announcement on either Nov. 5 or 6.

People who bet want the answers as soon as possible but again with the current landscape of the election, it looks as if they could be waiting more than a few days. 

For Utica College alum Mark Mitchell, it does not come as a surprise to him that this election resulted in this large sum of money being wagered. 

“It does not surprise me,” he said. “I think with the lack of sports this year people found other events to gamble on.” 

This pool of money doubles the amount that was wagered on the 2016 election. 

The news comes at a time of uncertainty in the United States with issues surrounding the coronavirus, social and racial injustice, along with economic inequity still remaining at the forefront of the country’s landscape.

“People that are old enough to vote made their voice heard,” Mitchell said. “That is what makes our democracy so great.”

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