The gamblers are betting on dropping virus numbers and a jump in the economy….
The betting markets took HUGE loss on Trump’s win in 2016…
Even after the White House’s delayed response to the coronavirus outbreak, unprecedented job losses and a bruising recession, investors and betting markets are still putting their money on President Trump to win re-election.
The big picture: Presumptive Democratic presidential nominee Joe Biden holds a sizable lead in most national and individual swing state polls — but money managers expect Trump to retake the White House in November.
- In a late April survey of U.S.-based investors with at least $1 million of assets, UBS found that 53% said they planned to vote for Biden.
- But 52% think Trump will win.
The intrigue: The world’s most popular betting destinations show Trump as the clear favorite.
- The RealClearPolitics average of betting websites gives the advantage to Trump with an average spread of 8.2 as of Sunday night.
- Casino sportsbooks are paying around $83 for winning bets on Trump versus $135 for winning bets on Biden, making Biden the unequivocal underdog, Bovada shows.
What we’re hearing: The expectation for Trump to triumph seems to largely reflect optimism about the economy once various state and local lockdown orders end, economists say….