South Africans stand to win big when they will be given a chance to bet on who would win the US presidential race. Sunbet Chief Operating Officer (COO), Gideon Mann said they were giving South Africans an option to participate with their passion and thoughts and place their money where their mouth was and be able to bet on a huge political event which has high interest.
Mann said in 2020 betting was illegal in most states in the US, with only 38 out of the 50 US states allowing betting. He said Sunbet expected the old records to be smashed in 2024 globally.
“If I asked people what they thought the largest betting ever was, most people would guess the World Cup final of football and they would be wrong. Globally the largest betting event was the 2020 US presidential elections (Biden vs Trump). More than r a billion dollars in bets were placed on the 2000 election globally with some individuals placing bets of over a million dollars. By most measures the 2016 US election was the second biggest event ever,” he explained.
He said for those who would want to participate in the US election via betting, should sign up at Sunbet.co.za on their phone or laptop.
Mann said the process was quick and easy adding that there were several ways to deposit money into the account for betting from credit cards, instant EFTs to vouchers.
“You can click on banners on the site or go to the betting section and either select politics or use the search for either “Harris” or “Trump” or for that matter search for any of the US states if you want to bet on the outcome of Georgia or Pennsylvania.
We are trying to enable locals to participate in betting on these captivating global events which have such a huge following. Sunbet.co.za only accepts accounts from people who are based in South Africa,” Sunbet COO added.
Mann, however, said all betting markets would be settled once official results have been announced and that would probably take place on election night.
He alluded that payout may be delayed by issues such as recounts and court challenges.
“Sunbet.co.za is encouraging small frivolous bets on the election. However as part of Sun International we have the largest limits in town. If punters do want to be serious bets in the millions of rands can be placed”.
According to Sunbet, historically the betting markets have been more accurate than the polling markets (people putting skin in the game). The agency said analysis of the higher quality polls would indicate that the chances of a Trump win is around 54% vs 46% for Harris.
“That’s not much different to the flip of a coin. It has moved though from 54% in Harris favour just a week or so ago.
In the betting markets the odds indicate a 63% chance of a Trump win, which is becoming significant. They have also been firming up over the last week but not as rapidly as the polling data.
“The election remains very tight, if the polls are even a percent or so off in favour of one of the candidates it could result in a landslide in the electoral college system that the US uses to determine their presidential election. Right now all the odds and indicators are favouring Trump,” Sunbet predicted.