|Election betting has always had a large following, but election night activity was unprecedented at the online betting exchange, Betfair.|
As an extra 10 million people hit the polls punters immediately hit the site to back Kerry, as history shows new voters traditionally back the contender. This surge in confidence put Kerry’s odds at 1.25. Bush’s price jumped from a steady 1.78 to an amazing 5.00.
However, these odds did not last long as the results of the election started flooding in. As is became clear Kerry wasn’t receiving the necessary votes needed to swing the election, betting customers rushed to buy up anything over even money on Bush.
Mark Davies, Director of Communications, said:
“We have seen a massive amount of trade, interest and fluctuation on this market. As events in the U.S. continued to unfold there was up-to-the-minute reaction on the site, which made for a very exciting and eventful night.”
The battlefield states also provided some drama on Betfair as they swung both ways throughout the day. The eye-in-the-storm state, Ohio, saw both parties trade odds-on. At one stage, Democrats traded as low as 1.15 and Republicans as high as 9.80.