Political bettors are putting their money behind Joe Biden to win the upcoming Presidential elections. While the incumbent President is yet to be officialized as the Democratic Party’s official nominee, he seems to be a likely choice.
This news comes as President Biden announced his decision to fight for another four years in office. While still unexciting, his approval ratings continue to improve, as attested by statistics specialists.
When declaring his decision to take part in the 2024 elections, Biden said that there is an ongoing battle for the soul of America and its citizens’ rights. He believes that he can lead the Democrats to victory, helping them “finish the job” that was started in his first four years in office.
While the true political wagering activity is yet to begin, Biden’s announcement saw PredictIt users buying shares of Biden’s victory next year.
Bettors Brace for a Second Biden vs. Trump Bout
PredictIt is an online prediction market that offers exchanges on political and financial events. Users can bet in the form of buying shares and then redeem them once the outcome has occurred. A victory can yield its owner $1 per share.
After Biden’s announcements, his shares experienced a temporary spike in price, increasing to 49 cents per share.
At the time of this writing, Biden’s shares are trading for 47 each, since the excitement following Biden’s announcement has dissipated. However, the incumbent President continues to maintain a significant lead over his competitors.
Currently, Donald Trump shares are trading for 34 cents each. Far behind President Biden and the ex-President is Florida Gov. Ron DeSantis with a price of 15 cents per share. Next up is California Gov. Gavin Newsom with 6 cents per share, followed by VP Kamala Harris with 5 cents and the Secretary of Transportation Pete Buttigieg with 2 cents.
The take from these statistics is that bettors are convinced that the former POTUS Trump will get to have his rematch against Biden in the following elections. While neither Biden nor Trump is certain to become their respective parties’ candidates, there is ample chance that Americans are in for another Trump versus Biden showdown.
Meanwhile, PredictIt’s situation in the USA continues to be precarious. Regulators continue their efforts to kick the political exchange from the country but are met with fierce resistance on PredictIt’s side. And, as it turned out in March, the Commodity Futures Trading Commission might be in more trouble than PredictIt.