There are still betting lines on who will be president. Here’s what they show

Election

Attendees monitor electoral maps on their mobile phones during an election watch event held by Democrats Abroad at a restaurant in Beijing, China on Wednesday, Nov. 4, 2020. President Donald Trump and his Democratic challenger, Joe Biden, are in a tight battle for the White House. (AP Photo/Ng Han Guan)

(NEXSTAR) – For months, polls told us that former Vice President Joe Biden was likely to win the popular vote by a clear nine-point margin, but gambling lines never gave Biden a huge edge. That has now changed.

On the morning of the election, Biden was about a 60 percent favorite to win, according to the Website OddsChecker. A win for Trump in Florida made things even closer to a coin flip.

But the favorite line started moving toward Biden when it became clear that Wisconsin was tilting his way. Over the course of the day Wednesday, a moderate Biden lead has stretched. As of 9 p.m., Biden was -775 to win the Presidential election, according to the Bovada gaming website. That means a gambler would have to bet $775 to win $100 on a Biden victory, in other words, the Democrat from Scranton was heavily favored.

The website Action put the line at -910, or nearly a 90% chance of a Biden win.

On the state level, Bovada odds listed Biden as the favorite in Georgia, Pennsylvania and Nevada late Wednesday night. President Trump was favored in North Carolina.

It’s important to remember that bookies are trying to entice people to wager, not simply predict outcomes. Because of the way bets are structured, bookies guarantee the house wins money when there are nearly equal amounts bet on both sides, so if heavy betting comes in on one side, the line may move to make the payout on that bet worse.

Strictly speaking, gambling on politics is not legal in the United States, so most official wagers are placed in the United Kingdom or elsewhere.

RELATED: Get latest results of the 2020 General Election here

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Glen Mills

Chief Political Correspondent

 Glen is honored to be delivering the news of the day every weeknight at 5, 6, and 10 in his home state. He is an award-winning veteran journalist, who joined the ABC4 News team as a weekend anchor in June 2013. Over the years, he held various positions at the station as he worked his way up to the main anchor chair. He also serves as our Senior Political Correspondent and hosts Inside Utah Politics, which airs every Sunday. The Utah Headliners Chapter of the Society of Professional Journalists has recognized Glen as the best government and military television reporter in the state. Before returning home to Utah, he spent 11 1/2 years developing his journalism skills in other states. He held various on-air and management positions at KPVI in Pocatello, Idaho, WGBA in Green Bay, Wisconsin, and KKCO in Grand Junction, Colorado during that time. Read More...