A number of B.C. residents have more than just morbid curiosity and the economy on their minds as voting day hits in the United States today. Thousands of them have some skin in the game.
As of Monday, more than 12,000 bets worth $3 million had been placed on the U.S. election on PlayNow.com, the B.C. Lottery Corporation’s online lottery and gaming website.
That volume of wagering makes this election the single most popular betting event in the history of the website, which was the first in Canada to offer novelty betting on U.S. elections in 2014.
“It’s not really a surprise to us, the 2016 election held the previous record for a single-betting event,” said Lottery Corp. spokesman Matt Lee. “With 12,000 bets and over $3 million staked [for the 2020 election] it’s no surprise B.C. residents have been so interested in the U.S. election.”
Lee said the 2016 election, and now the 2020 election garnered more betting action than any Stanley Cup Final, Super Bowl or NBA Final event they have featured on PlayNow.com.
The 2016 U.S. election drew in 7,200 bets totalling more than $737,000.
Lee said most B.C. bettors are putting their money on Donald Trump to win, though it’s not clear if that’s because they hope he wins or if they like the odds.
Nearly 3,000 bets totalling more than $1.4 million — 68 per cent of the wagers — have been placed on the current president holding onto the White House.
The current odds on Trump, expressed as a decimal, are 2.35, meaning a $100 bet on him would net someone $235 if he wins the election.
If he wins, PlayNow.com stands to pay out more than $3.4 million based on the number of wagers so far.
Joe Biden is the current favourite as his current odds are 1.58 to win. A $100 bet for Biden would net a bettor $158.
So far, PlayNow.com has a total of 1,484 bets totalling more than $622,000 — 29 per cent of the wagers — for Biden, meaning the site could potentially pay out more than $1 million in winnings if he is elected.
There are several other betting categories for those keen on putting some money down, including the winning party, the popular vote, Democrats or Republicans to win control of the House, Senate and White House, and parties or candidates to win specific states.
For example, the odds on Trump winning any state he did not win in 2016 are 2.65, meaning a $100 bet would net the bettor $265 if Trump wins California or Washington state this time around.
PlayNow.com is anticipating having to hold bets for some time until the election is settled, due to mail-in ballots and advance polls, but Lee said they will pay out immediately when final results have been announced.
The site has become a popular spot for B.C.’s gamblers during the pandemic, as casinos have been forced to temporarily shut their doors.
Lee said they have seen a surge in new traffic to the site, and the Lottery Corp. has responded with enhanced casino games, sports betting, more features and things like lottery subscriptions to save people from having to go out to buy tickets.
Revenue from PlayNow.com increased 19.5 per cent over the course of the 2019-20 fiscal year to $179 million and is projected to increase another 11 per cent this current year.
