There is a fascinating change in global political betting due to the 2024 U.S. Presidential election that will occur soon. In the U.S., it is illegal; however, betting on who will win the presidency has turned into something that happens across the entire world, and it is anticipated that this event will surpass previous records, given that Donald Trump and Kamala Harris are major contenders.

Consequently, there is a global interest in politics, manifested in the increase of political bets, which signifies the necessity of understanding clearly how electoral integrity intersects with gambling and technology.

The Legal Status of Political Gambling in the U.S.

Due to the fear that the voting results could be manipulated, leading to fraud against democracy, political betting in America has been illegal since the close of World War II. This notwithstanding, American people still participate in gambling markets across various countries worldwide. They usually use virtual private networks (VPNs) to evade local regulations that mandate them at times, even though they come at the cost of risking their money for breaking laws.  

In particular, the Commodities Futures Trading Commission (CFTC) has reportedly noticed this, especially in relation to people using derivative contracts. As such, the (CFTC) will be introducing stringent measures aimed at overseeing and curbing these activities.

The Global Scope of Political Betting on U.S. Elections

The biggest event on the political betting calendar for gambling enthusiasts globally is the U.S. presidential election. Regardless of bettor’s exposure to news on a daily basis, their interest increases every four years, especially as we have seen more fierce contestants in the last three elections. 

For context, over £600 million pounds was staked on the U.S. presidential elections in 2020 alone, and over £1 billion is expected in 2024. These are legitimate figures recorded from the activities at the best sites for presidential election betting, leaving figures from offshore platforms unrecorded.

At the moment, major participants like Betfair and BetOnline continue to attract unprecedented levels of interest and betting volumes from their customers globally. Players in regions without access to political betting platforms also depend on offshore operators listing this betting option on their websites.

For instance, BetUS faced more high-risk stakes after Kamala Harris secured a nomination ticket for the Democratic Party than when Donald Trump was running for president. Consequently, the operator had fewer stakes placed on it than Donald Trump.

The Influence of Candidates on Betting Markets

The dynamics between Trump and Harris have created a volatile and exciting betting environment. Trump’s odds have seen dramatic shifts, at one point implying an 80% probability of victory following a major campaign event. Harris, on the other hand, has rapidly gained ground since becoming the nominee, attracting both casual bettors and “sharp money” from more professional gamblers. This close contest has energized the betting markets, with platforms like BetOnline expecting to triple their current wager volumes by election day.

Conclusion

The surge in political gambling around the 2024 U.S. elections underscores the global fascination with American politics and the growing intersection of technology, finance, and electoral processes. While the practice remains illegal in the U.S., the international betting markets continue to thrive, offering a unique, if controversial, lens through which to view the upcoming election. As regulators grapple with enforcement challenges and ethical concerns, the phenomenon of political betting raises essential questions about the influence of global financial interests on democratic processes and the future of election integrity in an increasingly interconnected world.