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Biden stocks collapse in election betting markets after disastrous performance

Election bettors had a visceral reaction to CNN’s presidential debate Thursday night, with President Biden’s chances of winning in November plummeting.

PredictIt.org, an election betting site, showed that stocks predicting the Democratic incumbent would win re-election fell 15 points following Biden’s widely criticized debate performance.

The website allows users to buy a candidate’s stock, at a price between 1 and 99 cents, which is the market’s estimate of how likely the candidate is to win. Before the debate, Biden, 81, was trading at 48 cents per share. But in just an hour, after speaking in a hoarse voice and giving rambling answers, its shares traded as high as 39 cents and bottomed at 29 cents before climbing back to 30 cents Friday morning.

Former President Trump, the presumptive Republican nominee, led Biden 53 cents to 48 cents before the debate, according to PredictIt. His stock soared to 61 cents as he went back and forth with Biden and is now hovering around 58 cents, which translates to a 58% chance of victory.

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Online sportsbook BetUS said the debate forced them to temporarily suspend their presidential election betting market while bettors adjusted odds.

“When the market reopens later today, we expect to see some significant action occur which will keep the market moving for some time until punters and bookmakers reach a new consensus. Given what we saw last night, I expect Trump’s chances to tighten and Biden’s to widen, perhaps significantly. I also suspect we will see significant changes in the ratings of third-party candidates, namely Robert F. Kennedy Jr., as well as those seen as alternative possibilities for the Democratic ticket,” said Ted Williams, BetUS director of public relations. .

Election Betting Odds, another website that averages live odds from several betting markets, shows Trump has a 59.7% chance of winning, up 4.1% in the past 24 hours.

The same odds average shows Biden’s chances dropping to 21.2%, a drop of nearly 15 points overnight.

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Democratic Party officials and liberal media figures were in complete panic as they watched Biden struggle to make his point, and many are now calling on the party to seek an alternative candidate with 52 days until the Democratic National Convention in Chicago.

A well-connected Democratic source told Fox News after the debate that the House and Senate are Republican – for now, adding that “everyone is panicking” and Biden “needs to go.”

However, there is “no chance they will replace him unless he accepts,” the source said.

Former Missouri Sen. Claire McCaskill, a Democrat, said during an appearance on MSNBC after the debate that Biden “failed” to show Americans he was “up to the task at hand.” his age “.

TRUMP-BIDEN PRESIDENTIAL DEBATE ON CNN WAS EXPECTED TO BE THE MOST WORKINGLY WRONG IN HISTORY

“My job now is to be really honest. Joe Biden had one thing to do tonight, and he didn’t do it. He had one thing he had to do and that was to reassure America that that he lived up to his age and he failed tonight,” McCaskill said.

“Now does that mean my phone is blowing up with senators and campaign workers and donors, big donors from all over the country, does that mean Joe Biden won’t be the nominee? I don’t know. I think we’ll know a lot more in a few weeks.

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Uncertainty over Biden’s future within the party is reflected in betting markets, which have shown that alternatives like California Governor Gavin Newsom or Vice President Kamala Harris have increased their chances of winning the election. Democratic nomination.

Election betting odds showed Biden’s chances of winning the Democratic nomination fell 24.2% over the past day, to 60%. Newsom’s chances rose 13.8% to 20.3%, and Harris has a 10.9% chance of being the nominee, up 8.2 percentage points in 24 hours.

Kyle Morris of Fox News Digital contributed to this report.

News Source : www.foxbusiness.com
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