Washington, October 28: The current presidential poll battle in the United States is the "most wagered event" in history of betting, reports claimed on Wednesday. The amount of bets being placed on either of the candidates continues to rise as the day of voting, November 3, nears. The total quantum of wagers crossed $260 million, online sportsbooks claimed in their latest updates. How US is Voting in Presidential Election 2020: Early Voting, In-Person Voting, Mail-In And Absentee Ballots Explained.

The amount is higher than the 2016 contest between Donald Trump and Hillary Clinton, when a total amount of $256 million was at stake in the betting market, Odds Checker reported. Joe Biden, who has replaced the latter as Democratic Party's candidate in this election, has been preferred by majority of the betters.

According to bookkeepers, who spoke to the website, the amount of wagers is expected to further increase between now and November 3, when in-person voting will be held across the United States. The number of bets increased exponentially following Trump's "strong showing" in the second and final debate against Biden on October 22 in Nashville.

According to Cloudbet, over 90 percent of the new bets placed on the day following the debate were in favour of Trump. Cumulatively, however, the odds are stacked up against the incumbent President.

Odds Checker has listed Trump's trail in the market as 188, or 15/8, which carries an implied chance of 34.78 percent. Rival Biden, on the other hand, odds of -190, or 10/19, giving him a 65.53 percent of chance of winning the presidency.

Notably, betting is not permitted in most provinces in the United States. The numbers and trends collated above are based on inputs received from the European sportsbooks, where political wagering is legal.

(The above story first appeared on LatestLY on Oct 28, 2020 09:09 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).