What are election betting odds? Expert explains why Trump is current favorite

Former President Trump, the Republican statesmanlike nominee, has opened up a sizable vantage successful the predetermination betting likelihood successful caller weeks, giving Americans a caller mode of trying to portion unneurotic what mightiness hap travel Election Day.

"More than 2 cardinal dollars person been stake connected the predetermination already," Maxim Lott, who runs ElectionBettingOdds.com, told Fox News Digital.

The comments travel arsenic Lott’s website, which uses information from 5 antithetic betting sites to show a betting average, shows Trump has a 58.5% accidental of winning the statesmanlike predetermination arsenic of Monday.

Lott’s website isn’t the lone 1 tracking the betting odds, with fashionable sites specified arsenic RealClearPolitics, which has go known implicit the years for tracking polling averages, joining the fray.

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Republican statesmanlike nominee Donald Trump is shown astatine a run rally astatine the Findlay Toyota Arena connected Oct. 13, 2024, successful Prescott Valley, Ariz. (AP Photo/Evan Vucci)

Like ElectionBettingOdds.com, the RealClearPolitics betting mean shows Trump arsenic the favourite with a 59% accidental to triumph the predetermination arsenic of Monday.

Trump’s chances of winning the predetermination person dramatically risen implicit the past fewer weeks, with his Democrat opponent, Vice President Harris, being the betting favourite connected RealClearPolitics arsenic precocious arsenic Oct. 4. But Trump took the pb the adjacent time and hasn’t looked back, yet rising to the astir 20 percentage-point vantage the erstwhile president enjoyed connected Monday.

For Lott, looking astatine betting averages gives radical a overmuch clearer representation of what the astir apt result of the predetermination is compared to trying to portion unneurotic polls.

"These are truly accurate, they’re much close than conscionable trying to look astatine polls oregon particularly much close than listening to pundits bloviating," Lott said.

"[The bettors] look astatine each sorts of humanities data, they look astatine trends," helium added. "I find the percent much utile than the polls."

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Democrat statesmanlike campaigner Vice President Harris speaks to the media astatine the University of Wisconsin-Milwaukee connected Oct. 17, 2024. (SAUL LOEB/AFP via Getty Images)

Lott, who antecedently served arsenic a programme enforcement shaper for the Fox Business Network, besides noted that radical hazard their ain wealth to marque a stake connected an outcome, creating a marketplace that has the quality to "discipline people" who get it wrong.

"If you’re not precise smart, oregon precise biased, you’re going to suffer your wealth beauteous quickly, and past possibly you won’t stake again adjacent election," Lott said.

While betting connected elections is newer than much well-known gambling pastimes such arsenic sports betting and casino games, Lott said the marketplace has go robust capable to connection predetermination followers a glimpse into what the astir apt result volition be.

"Last rhythm we had much than a cardinal dollars traded. That’s inactive [not] that overmuch if you comparison it to … the banal marketplace oregon something, but it’s capable that we person a reliable indicator, and that’s what [is] important to america arsenic users who conscionable privation to cognize what’s going to happen," Lott said.

Republican statesmanlike nominee Donald Trump speaks astatine a run rally, Oct. 19, 2024, astatine Arnold Palmer Regional Airport successful Latrobe, Pa. (AP Photo/Matt Rourke)

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As for Trump’s lead, Lott said it apt reflects an extremity to the "honeymoon period" Harris enjoyed aft being elevated arsenic the Democrat nominee, noting that Trump had risen to astir 70% apt to triumph the predetermination earlier President Biden dropped his bid for re-election and has bounced backmost into the pb erstwhile again.

"Things person benignant of reverted backmost to the mean wherever – it is simply a pugnacious rhythm for Democrats with things similar ostentation and immigration, and truthful possibly for a mates months radical were like, ‘Oh, Harris, this is interesting, this is new, this is refreshing,’ and past it’s benignant of sinking in: 'This is the aforesaid medication we didn’t similar with Biden," Lott said.

Get the latest updates from the 2024 run trail, exclusive interviews and much astatine our Fox News Digital predetermination hub.