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Man Wins £1.5 Million After Betting On Biden Victory While Another Loses £3.8 On Trump

Man Wins £1.5 Million After Betting On Biden Victory While Another Loses £3.8 On Trump

Some huge bets have been placed on the Presidential race

Simon Catling

Simon Catling

A mystery Brit will have plenty to celebrate after making £1.5 million following the result of the US Presidential Election - while another is set to lose a whopping £3.8 million.

Some huge bets have been placed on the Presidential race, and with Joe Biden's projection as the new President-elect, the winners and losers are coming into sharp focus.

One winner is going to be walking away a cool £1.5 million after betting on odds of 8/15 that that Biden would take the race.

Alex Kostin of Americangambler.com told the Sun: "One punter that may be celebrating more than others this evening is the person who put down a £1m bet on Biden a few days before Election Day at the odds 8/15."

However, for his also unidentified countryman and former banker, the result came as bleak news. Having put a bet of £3.8 million ($5 million) on a Donald Trump victory - which The Sun reports is the largest political bet ever made - they lost it all as the incumbent President became the first one-term American leader since George H.W. Bush in 1992.

PA

Had he been successful, the man would've picked up a near $15 million based on the odds of 37/20 that he gambled on. In the US it's illegal to bet on politics, so his unsuccessful bet was placed at a private offshore bookies on the Caribbean island of Curacao. A good day for them.

Among others who had placed bets on the outcome of the result was Nigel Farage, who was so confident of Trump's win that he posted his gamble on social media, in an image of him holding a sign that said 'Donald Trump to win US election, £10,000, @ 15/8'.

Unfortunately for Nige he lost out.

Twitter

What was surprising was that, even though the polls and odds had pointed to a comfortable Biden victory ahead of election day, large bets were apparently still being posted for both candidates right up until November 3.

Jessica O'Reilly of Ladbrokes said before the new US President was announced: "Biden looks home and hosed according to the bookies and pollsters, but even at the eleventh hour punters are continuing to back Trump at the odds on offer."

Paddy Power meanwhile said that 93% of bets placed with them had been on Trump gaining a second term as President; while Betfair said it was the biggest political betting event in history, having taken $337 million in bets on the outcome.

PA

"This is a huge market," Matthew Shaddick, head of political betting at British sports betting and gambling firm GVC told AFP news agency.

"It is twice as big as 2016, easily making it the biggest political event ever."

For their election expert, Paul Krishnamurty, the late surge on large bets was no surprise: "That's what we always see at the end of an election where the people get more confident about the market and the big hitters enter."

Unfortunately for the biggest hitter, it was not his day.

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Topics: US News