The interesting thing about gambling is that you can bet on almost everything, from your local football match to a hit TV show. While sports betting is most popular in New Zealand, Kiwis appear to be a fat of political gambling as well.
Millions of people bet on the Trump-Biden war, which saw Biden come out victorious. One man in the UK, who put a million-pound bet on Biden, must be very happy but some are in trouble despite betting the right outcome.
Gamblers appear to be facing major delays in receiving their payouts in relation to the elections due to legal issues and recounts. Bookies are in no mood to declare the next president just yet as some believe the result might change.
What’s Really Happening?
While most major publications in the US have already declared Joe Biden as the next US President, we’re yet to receive an official confirmation. This is why most betting companies have decided to withhold payouts.
In fact, some operators are still taking new bets due to the changing scenario and the case commenced by Trump and his legal team.
What About PredictIt?
Launched in the last quarter of 2014, PredictIt is a New Zealand-based platform that allows users to place bets on financial and political events.
Owned by Victoria University of Wellington, it’s operated in partnership with Aristotle, Inc. Many consider the platform a winner in this election season due to its huge success.
It is not legal to bet on political events in the US, however, PredictIt, which originally started as a research platform, received a rare exemption from the Commodity Futures Trading Commission.
Looking At Some Numbers
The platform saw some major numbers on Election Day with over 117 million shares being moved. This is an increase of more than 100 percent compared to the last election season when around 47 million shares were exchanged during the fight between Donald Trump and Hillary Clinton.
Unable to handle so much traffic, the platform crashed as the odds moved in favor of Trump who originally started as an underdog.
Not The Only Platform
PredictIt might have come across as the biggest name during this election, it’s not the only platform under fire for not making payments.
Betfair, a London-based exchange, received heavy traffic this election season with the total booking crossing the $400 million mark on the first day. It added $200 million more the second day, more than 200 per cent of the $258 million the company recorded in 2016.
The company accepted a huge bet of $1.32 million on Biden from a bettor who is expected to win more than $2 million if rumors turn out to be true.
Results Still Pending
New Zealand’s PredictIt has decided not to close its markets for this election until litigation/recounts are completed even though most experts believe it will have no impact on the result.
It’s believed that the result could be delayed by months, which means bettors may have to wait until 2021 to get paid.
The current situation is having a major impact on the betting game as Trump’s decision to go the legal way caused his shares to double, jumping to a high of $0.16 from $0.08 on 7 November.