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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