Washington, November 1: Gambling websites are witnessing a surge in wagers as the US presidential elections 2020 enters into its final leg. A number of netizens, under jurisdictions where online betting is allowed, are testing their fates either on President Donald Trump or rival Joe Biden. Even as the latter holds the edge, the maximum amount of money is placed on Trump, reports claimed. US Elections 2020 Betting Odds: Donald Trump vs Joe Biden Battle 'Most Wagered Event', $260 Million at Stake.

The bets backing Trump increased over the past fortnight, particularly after the President recovered from coronavirus and exhibited an impressive performance in the second and final televised debate with Biden in Nashville.

According to BetOnline, one of the largest online gambling website, the majority of wagers are still behind Biden -- with 54 percent of the total number of betters placing money on his likely win. But the big bets are in favour of Trump, with nearly 70 percent money placed on his victory, the website claimed.

Trump is being backed by the big-money betters despite the odds projecting him as an underdog in the battle against Biden. The former Vice President is currently a -180 favourite (holding approximately 63 percent of victory), whereas, the oddsmakers suggest that Trump is an underdog with +160 probability of win.

The phenomenon, according to those monitoring the betting odds, is similar to 2016 when the majority of wagers were in favour of Hillary Clinton, but the big money bets were placed on Trump. If the President ends up pulling a similar shock victory, a blood bath would be evident in the betting market. BetOnline will lost a sum of amount in seven figures if Trump ends up winning, and gain in mid-six figures in case of Biden trumping him.

(The above story first appeared on LatestLY on Nov 01, 2020 04:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).