In recent developments, various betting agencies have placed Vice President Kamala Harris as the favorite to become the Democratic candidate for the 2024 election, surpassing incumbent President Joe Biden. This shift in sentiment occurred after President Biden’s humiliating performance in a televised debate against former President Donald Trump, as reported by Breitbart News.
U.K.-based betting company William Hill is currently offering odds of 11/2 (15.4 percent) on Harris securing the Democrat nomination later this year, compared to 6/1 (14.3 percent) for Biden, according to Newsweek. William Hill spokesperson Lee Phelps told Newsweek that “a huge shift in the U.S. Presidential election market has seen Kamala Harris leap ahead of Joe Biden as the most likely Democrat candidate.
While Donald Trump remains the favorite to be the next president at 4/7 (63.6 percent), Harris’ odds have significantly improved, moving from 9/1 to 11/2. Conversely, President Biden’s chances have diminished following his weak debate performance, which has further raised doubts about his ability to retain his position in the Oval Office. Vice President Harris now leads Biden in approval ratings and is gaining ground on her Democratic colleague in the race.
Similar shifts are being observed by Forbes, which highlights a seismic move in bookmaker preferences. According to Polymarket, a prediction market platform, Biden’s chance of becoming the Democratic nominee for November’s election plummeted from a fairly assured 90 percent on Thursday morning to just 49 percent as of early Wednesday. After some fluctuations over the weekend, a sharp decline occurred from 78 percent to 49 percent on Tuesday itself, as former President Trump faced resistance from within his own party.
As Biden’s chances have waned, the betting market is increasingly placing its bets on Harris, whose odds have risen from one percent before the debate to 35 percent early Wednesday, according to Polymarket. Other sources are also reporting similar shifts in betting preferences.
Reuters reports that Kamala Harris has emerged as the top alternative to replace Biden if he decides not to continue his reelection campaign. According to seven senior sources at the Biden campaign, the White House, and the Democratic National Committee with knowledge of current discussions on the topic, if named as the party nominee, Harris, 59, would take over money raised by the Biden campaign and inherit campaign infrastructure. She also possesses the highest name recognition among all the alternatives, as well as the highest polling among Democrats who could be considered serious contenders.
In conclusion, recent developments in the betting market suggest a shift in favor of Kamala Harris as the Democratic candidate for the 2024 election. This change is attributed to President Biden’s weak debate performance and his diminishing chances of securing another term in office. As the Democratic party continues to evaluate its options, it remains to be seen how this betting trend will impact the outcome of the upcoming election.