Election Betting Market Takes Wild Swing Toward Trump Amid Biden’s Debate Stumbles

Isaac SchorrJun 27th, 2024, 10:12 pm
 

President Joe Biden’s stumbles in the CNN debate on Thursday night are causing betting markets to swing away from him and toward former President and presumptive Republican presidential nominee Donald Trump.

Screenshots taken from the political betting site PredictIt right before the debate indicated that the price of a “share” predicting that Trump would retake the presidency was 53 cents and the price of a Biden “share” was 48 cents, suggesting that the market only slightly favored the former. (A share cashes out at $1.00 if the candidate wins the election.)

But now Trump’s shares have shot up to 61 cents as of 10:10 p.m. ET, while Biden’s have plummeted to 38 cents. California Governor Gavin Newsom has been the chief Democratic beneficiary of Biden’s freefall, with his shares hitting a price of 10 cents.

Even more notable is the market’s estimation of Biden’s chances of winning the Democratic nomination, which he already has the delegates for. His share price in that category is just 73 cents, with Newsom trailing him at 14 cents and Vice President Kamala Harris in third at 10 cents.

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