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Betfair: Person who staked $ 1.3 million on a Biden win has yet to be paid



The huge bet was placed on October 29 on Betfair Exchange, the world’s largest online betting exchange, where gamblers find others to match their bets. The US presidential election is by far the largest event in the platform’s history.

Media outlets including CNN have called the race to win Biden, but bettors have yet to reap 540,000 pounds ($ 710,000) in profits and their initial stakes. A Betfair spokesperson said on Monday that “the market will be resolved once the results are officially confirmed.”
Someone in England has just bet a million pounds on Joe Biden
Bets will usually be settled following results statements from news networks and concessions speech by the losing presidential candidate, the platform said on Friday. But this year is different. President Donald Trump has yet to admit defeat, and he is continuing to push his lawyers to pursue legal challenges that could delay official certification of results.

Betfair said in an article posted on its website on Friday night: “We will only settle the market when there is certainty around which candidate has a highly anticipated Electoral College number of votes. Best”. “Before tackling the markets, therefore, we have to wait for clarity around the ongoing counting of votes, the recount and any potential legal challenges to the outcome.”

The bettor has backed Biden with the third largest bet in Betfair’s history wanting to remain anonymous, a Betfair spokesperson said on Monday.

The US presidential election broke Betfair’s record.

So far, the contest has raised £ 567 million ($ 744 million) in stakes, making it the biggest event in the platform’s 20-year history. The 2016 US election grossed £ 199 million ($ 261 million), while £ 51 million ($ 70 million) was staked on the 2017 showdown between Floyd Mayweather Jr. and Conor McGregor.

– Chris Isidore contributed reports.


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