Donald Trump is now tipped as the favourite to win the 2024 US Presidential Election, according to betting company Betfair.
The former President’s odds of returning to the White House have shortened to 4/6, giving him a 60 percent chance of winning.
Kamala Harris, on the other hand, is trailing with odds of 6/4.
The surge in bets, which saw £2 million placed on the election market in a single day, heavily favoured Trump, with £1.5 million backing the former American president.
Betfair spokesperson Sam Rosbottom said: “It’s been a monumental 24 hours on the Betfair Exchange US election winner market, with punters heavily backing Donald Trump, which has seen his odds drop to their lowest since late July when Joe Biden dropped out of the race.
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“More than £2m has been bet since yesterday, and the vast majority of that has been for the former President.
“The dial on our market temperature gauge has now moved even further in Donald Trump’s favour.
“The gauge takes the live data from the Betfair Exchange market and show’s how the race is going, and it is now telling us that Donald Trump is likely to win November’s vote.
“The last time his odds were this short was back in July, after Joe Biden officially announced that he was stepping down from the race.
“This has been a rollercoaster ride on the Betfair Exchange US election markets, with more than £140m bet in total, and while the odds have been tight recently, the momentum is now very much in favour of Trump.”
This shift in momentum comes as the US election draws closer, with Americans set to head to the polls on November 5.
Trump is running alongside Ohio senator JD Vance, while Harris, the current Vice President, has been the Democratic nominee since Joe Biden stepped aside in August.
Harris’s running mate is Minnesota governor Tim Walz.
Despite Harris holding a slight lead in the latest national polls, with FiveThirtyEight putting her 2.5 percent ahead of Trump, betting trends suggest a different outcome.
Nonetheless, this election is expected to be a close race, with battleground states like Arizona, Georgia, and Pennsylvania playing a key role.
These states, which flipped from Trump in 2016 to Biden in 2020, are once again likely to be crucial for both campaigns.
