Betting Sites Wait to Pay Out Election Bets - Elections Bets Aren't Final Yet

Betting Sites Wait to Pay Out Election Bets - Elections Bets Aren't Final Yet

Betting Sites Wait to Pay Out Election Bets - Elections Bets Aren't Final Yet
https://www.gamblingsites.org/news/betting-sites-waiting-to-pay-out-2020-election-winnings/

Betting Sites Waiting to Pay Out 2020 Election Winnings

Despite networks having labeled Biden as election winner, betting sites still have not paid out winnings

Sites waiting until electoral votes become official

President Trump exhausting various legal challenges in the wake of apparent defeat

Last Saturday, just about every major media outlet keeping tabs on the 2020 US presidential election called the race in favor of former Vice President Joe Biden. That occurred when it was determined that Biden had opened up an insurmountable lead over President Donald Trump in the state of Pennsylvania. By adding Pennsylvania’s 20 electoral votes, Biden surpassed the threshold of 270 votes needed to clinch the presidency.

While Biden went on to give his first speech as president-elect on Saturday night, Trump has still yet to officially concede. Despite the fact that Biden is almost sure to finish with 306 electoral votes, Trump has given no sign that he plans to relent in his pursuit of retaining power for another four years.

The 2020 election was the most popular political betting event of all-time. Billions of dollars were wagered on the race between Biden and Trump all over the world. However, some online gambling sites have still refused to pay out bets on Biden to win the White House.

Betting Sites Pumping the Brakes on Payouts

According to the New York Post, a number of online gambling sites, including Betfair, have yet to officially call the race in favor of Biden. There are nearly $600 million worth of wagers hanging in the balance at Betfair alone.

BetOnline is another site that has yet to dish out any winnings. Adam Burns, BetOnline’s sportsbook manager, told the Post, “We still have not graded a winner.” Burns added that the site is waiting until Trump runs out of legal options.

In the days leading up to Election Day last week, the president was adamant that he would fight the results if he came up short. The Trump campaign has since filed a number of lawsuits in various states around the country in an attempt to try and have votes thrown out in order to alter the results. So far, the campaign has not succeeded in a single lawsuit anywhere in the US.

Burns said, “People who bet on Trump say it is not over. People who bet on Biden say it is. This makes for a tricky situation where we have to be sure. It’s not like a football game.”

Electoral Vote Slated for December 14

While Trump and his campaign are doing everything they can to insist that the race is still on, the reality says otherwise. Several states have already certified their election results, while others will follow in the days and weeks to come. The formal Electoral College vote to seal Biden’s victory is set to occur on December 14.

Between now and then, it’s fair to assume we will continue to see Trump try to thrash his way to victory. BetOnline reportedly took seven figures worth of wagers ahead of this election, with other sites reporting comparable totals. Obviously, it makes sense for any site taking bets on any event worth that amount of money should want the results to be absolutely certain before paying out.

New Political Betting Options Available

While you can no longer bet on how the 2020 election will play out, BetOnline and other betting sites are already taking bets on what may happen in the next election four years from now. Biden is currently listed at +1200 to win the 2024 election.

Bettors may be eager for the results to become official, but Burns says that BetOnline is sitting pretty whenever Biden’s victory becomes official.

Burns explained, “If Biden comes in, it’s a big win for us. If Trump is declared the winner, we will take a bath. It will not be a happy day here.”

Much more money came in on Trump to win another term in the White House despite the fact that he faced long odds heading into Election Day. Of course, the same was true about Trump heading into the 2016 election, when he pulled off his shocking upset of Hillary Clinton.

The post Betting Sites Waiting to Pay Out 2020 Election Winnings appeared first on GamblingSites.ORG.

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November 14, 2020 at 12:51PM
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