Republican Donald Trump’s victory over Democrat Kamala Harris in the 2024 Presidential Election was huge for legal sports betting operators and event-outcome platforms.
American, Canadian, and British bettors wagered massively on the election.
In the U.S., where sportsbooks aren’t allowed to offer betting markets, trading exchanges took serious action.
Polymarket, a global leader in exchanges located in the U.S., took in $3.7 billion on the Presidential election. A French “whale” nabbed $48 million of profit on Trump’s win.
At event-outcome platform Kalshi, the site lists that traders had purchased more than $430 million in contracts on the Presidential winner market alone. That number was still rising as of Wednesday evening.
U.K.-based Betfair announced a £250 million (US$322 million) election handle.
In Ontario, Canada’s regulated gaming province, FanDuel reported late election wagering to Covers.
“There was considerable action on the US Presidential Market 2024, available on the FanDuel Canada Sportsbook and Casino app for Ontario customers,” a FanDuel spokesperson said. “The strong majority of the total bets on the market were placed yesterday and in the early hours of the morning before the race was called. Out of those live bets placed, most were for Harris.”
Market options
There were plenty of other markets that attracted bettors at Kalshi, which won a court battle to offer election wagering.
Since Oct. 4, Kalshi has accepted more than $1 million in 23 of the more than 60 markets listed on its site.
Both the Presidential Electoral College margin market and the popular vote margin received more than $70 million each in purchased contracts, or wagers.
More than $10 million was wagered on Polymarket’s “Who will be inaugurated as President?” market. The exchange also saw $2.5 million wagered on which side, Republican or Democrat, would control the House at the end of the election.
Which candidate would win swing states also offered popular markets for wagering. The handle for Pennsylvania was above $13 million.
Popular event
With more election betting opportunities than ever in the U.S., Kalshi and Polymarket soared into No. 1 and No. 2 in Apple’s most downloaded free apps leading up to Tuesday.
Both sites also provide predictions. As Tuesday’s election played out into Wednesday, both predicted Trump holding off Harris with as high as a 99% chance of a win for the 45th and now 47th President.
The popularity of election betting is bound to spark conversations about more regulated offerings in the future. It could provide big business for sportsbook operators that dominate the U.S. landscape.
