Political bettors seem to be losing their trust in President Joe Biden’s ability to win the upcoming election, as demonstrated by Betfair. According to the betting exchange, Biden’s odds plummeted following an official report about the president’s waning memory.

In a response to the Justice Department report into Biden’s mishandling of top secret documents, the president said that he knows what he is doing. While the 81-year-old denied having memory problems, the report still led to a decline in his odds of winning the elections.

Biden wasn’t helped by his recent gaffe either as he just referred to the Egyptian leader as the President of Mexico.

According to Betfair, Biden’s odds of reclaiming his post now stand at 3.9.

Biden’s loss is Trump’s gain as the former president’s chances to reclaim power have just increased, despite his ongoing legal issues. According to Betfair, the former POTUS’ chance to return to the Oval Office now stands at 2.2 or 47%.

Biden Now Faces a Harder Battle

While many expect the upcoming US elections to be another faceoff between Trump and Biden, political bettors haven’t ruled out the chance of another candidate winning the Democratic ticket. Betfair pointed out that punter’s backing for Vice President Kamala Harris to win the race has significantly increased following the latest Biden report. Michelle Obama’s odds have also increased dramatically, the betting exchange reported.

Trump, on the other hand, maintains a leading position among the Republicans and cemented his position as the front-runner of his party following DeSantis’ premature exit. DeSantis, whom many considered a major contender, failed to gain sufficient traction and decided to pull back from the race.

According to Betfair spokesman Sam Rosbottom, many bettors view Trump as a more reliable candidate following the recent report.

Biden has been a fairly significant drifter in the Election Winner market, but this report, compounded by another memory lapse, is seeing punters viewing Trump as the safer bet with their money.

Sam Rosbottom, spokesman, Betfair

Speaking of Biden, the president recently visited Las Vegas and revealed his plans to crack down on additional fees at Vegas resorts, also known as “junk fees.” He criticized Sin City companies for ripping people off, saying that their underhanded business tactics are “plain wrong.”

Biden also vowed to bring down the price of insulin, prescription drugs and energy.

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US President Joe Biden has reaffirmed his commitment to combating the proliferation of hidden fees, colloquially known as “junk fees,” that often catch consumers off guard when making reservations or purchasing tickets. 

President Biden’s Crusade Against Deceptive Pricing Tactics Gains Momentum

In recent posts on X (Formerly Twitter), President Joe Biden voiced his concerns over these deceptive pricing tactics. He argued that such fees frequently make a stay or event significantly more expensive than initially advertised, leaving consumers feeling misled and frustrated. Amid ongoing concerns about rising inflation affecting everyday expenses, Biden is determined to tackle the issue of misleading online pricing schemes.

The President emphasized the importance of transparency, stating: “Concert tickets are hard enough to get; you shouldn’t have to pay surprise service fees on top of that. My Administration is working to crack down on those junk fees so you know what you are paying for upfront.”

This initiative to address hidden fees in the hospitality and entertainment industries was first introduced by President Biden in October 2022. At that time, he announced his intention to instruct the Federal Trade Commission to develop regulations aimed at curbing unfair and deceptive fees across various sectors.

Despite these efforts, progress on the issue has been slow at the federal level. In July, Senators Amy Klobuchar (D-Minnesota) and Jerry Moran (R-Kansas) introduced bipartisan legislation known as the Hotel Fees Transparency Act. The bill aimed to compel hotels and resorts to include resort fees and any additional charges, excluding taxes, in their advertised rates. However, the bill has stalled in the Senate Committee on Commerce, Science, and Transportation.

Gaming Industry and Politicians Clash Over Resort Fee Regulations

The gaming industry, represented by the American Gaming Association (AGA), opposes the mandatory inclusion of resort fees in advertised nightly rates, arguing that it would stifle their ability to compete and innovate. Senator Jacky Rosen, a Democrat from Nevada, who also serves on the committee, believes that many casinos and resorts in her state are already transparent in their booking policies.

Nevada’s Senator Catherine Cortez Masto (D) and Representative Dina Titus (D) support the idea of transparent pricing but suggest that legislation should focus more on ticket charges rather than regulating casinos and hotels. They emphasized the need to ensure that the administration’s proposals prioritize the elimination of surprise fees rather than punishing establishments that already disclose their fees upfront.

While President Biden’s commitment to addressing junk fees has garnered attention, some critics have questioned whether this issue should be a top priority, given more pressing economic concerns facing the US. Critics argue that with the cost of groceries and other essential items on the rise, the focus on concert ticket fees may appear misplaced.

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