Crypto Bets on the US Election Show Joe Biden Winning the Presidency by 60%

During the first half of the year, betting portals that allow people to wager cryptocurrencies on the upcoming U.S. election had shown Donald Trump winning the election. However, after Tuesday evening’s Presidential Debate, betting markets like Cloudbet show Joe Biden’s chances of getting elected is favored by 61% over the incumbent Trump.

Tuesday’s Presidential Debate was considered by many as one of the “worst debates” in the history of American leadership. However, many people still kept score on how each candidate did during the evening’s political discourse.

In addition to all the people watching the debate on television, a great number of people have been betting on the outcome. The betting web portal Cloudbet, a gambling operator that accepts BTC, USDT, BCH, and ETH, detailed that the company saw a “significant pick-up in betting activity ahead of the debate.”

Back in February and in June 2020, news.Bitcoin.com reported on gambling websites and prediction markets that said Donald Trump would likely win the election. However, after the Presidential Debate, it seems the tides have changed more broadly in Biden’s favor.

“Cloudbet saw a significant pick-up in betting activity ahead of the debate: About 10% of the value of all bets on the U.S. election was placed in the 24 hours leading up to the event,” a spokesperson for the company said. “Bets on Trump accounted for 90% of the new positions.”

Cloudbet’s spokesperson added:

Odds on a Biden win shortened to 1.65, meaning betting markets give him 61% chance of being elected, according to prices compiled by crypto sportsbook Cloudbet. That compares to 1.73 (58%) just before the debate. Trump’s odds drifted to 2.23 from 2.16.

In addition to Cloudbet, a number of other betting portals are accepting cryptocurrency-fueled bets on who will win the U.S. election this November.

Betmoose, another crypto gambling operator, has a few different election bets going. For instance, the Betmoose wager called “Will Donald Trump be elected president in 2020?” has seen 12.93 BTC ($138k) in total volume to-date. So far 6.443 BTC or 74 bets say that Trump will win, while 6.491 BTC or 46 cumulative bets say Biden will win.

Trump’s chances are also lower at the FTX Exchange as well, as the “TRUMP” futures token has slid from $0.62 or a 62% chance of winning to $0.40 today. This means the presidential election futures token bets show that Biden is leading Trump by 60% today.

Another betting exchange taking U.S. election wagers is Fairlay, and one particular staked bet says Trump will win by 91%. Fairlay is one of the only crypto-infused gambling operations that shows Trump winning a number of election stakes, as most crypto betting operators today show Biden leading by 55-65%.

Looking at the prediction markets leveraging Augur shows that there are still two wagers showing that Trump could win the election. However, there’s a new prediction market called “Will Donald Trump be Re-Elected in 2020?” that has $22,221 at stake showing he will lose by 56%.