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US election 2020: Betting markets shift back towards Joe Biden

The Democratic candidate's chances had fallen away as Donald Trump pushed ahead in Florida - but the trend has been reversing.

Donald Trump, Joe Biden
Image: Betting odds have swung towards Joe Biden after earlier favouring Donald Trump
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Democratic candidate Joe Biden has emerged as the clear favourite in online betting markets to win the US presidential election.

The latest odds represent a reversal in fortune for Donald Trump, who had been favoured by the markets when early results were announced.

According to data from various odds aggregators, the markets started to shift as Mr Biden overtook Mr Trump in the battleground state of Wisconsin.

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Victory there would allow Mr Biden to move closer to the 270 electoral college votes which are needed to secure the American presidency.

The 77-year-old had been the betting favourite before election day, but his chances fell to less than one-in-three overnight after Mr Trump had pushed ahead in the swing state of Florida.

Votes are still being counted in a number of other key states, including Michigan and Pennsylvania, which could still change the result.

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As of 6pm, SkyBet gave the odds of a Biden victory at 1/6, while it put the chances of Mr Trump retaining power at 4/1.

Smarkets exchange was giving Mr Biden a 78% chance of winning the race for the White House. Another predictions market PredictIt had the Democrat at nearly 80%.

Mr Trump's chances on Smarkets fell to 21%, which represents a massive drop from nearly 80% overnight.

Betfair spokesperson Sam Rosbottom said: "Taking the lead in Wisconsin could be the turning point with the Democrat now also projected to win Nevada and Arizona, which would likely give him the 270 electoral college votes he needs for victory."

Joe Biden speaks to supporters in Wilmington, Delaware, after early results had been announced
Image: Joe Biden speaks to supporters in Wilmington, Delaware, after early results had been announced

The bookies have said the 2020 election is shaping up to be the biggest betting event of all time.

They said one player had placed a record-breaking bet of £1m on a victory for Mr Biden.

Betfair Exchange said a record £425m has been gambled on the outcome of the winner so far, which is more than double the figure for the election in 2016.