The new American Dream?
US POLITICAL BETTING: A MISSED OPPORTUNITY OR A RISK TO PUBLIC INTEREST? UP UNTIL WORLD WAR II,
America had a highly active market around betting on the outcome of political events. But a modern day reluctance to give the go-ahead for legal political wagering is seen by some industry observers as a missed opportunity
T
he votes have been cast and new US President-elect Joe Biden waits in the wings to take his place in the White House, keeping a careful watch in the meantime on a mounting series of legal challenges from Donald Trump as to the veracity of the voting process. While Trump may well be questioning the integrity of the election and the sources of Biden’s winning votes, there is no doubting the scale of global fascination around the event which manifested itself in one of the biggest betting markets ever witnessed. What was widely touted as the most important American Presidential Election in decades, managed to attract in excess of $1bn in bets around the world according to some estimates, none of which were wagered legally with US bookmakers. When we say ‘none’, there are two exceptions when it comes to betting on US politics. United States residents who want a flutter on the presidential election can do so via the Iowa Electronic Markets or via the website PredictIt, both of which have the blessing of the Commodity Futures Trading Commission (CFTC).
22 SBC LEADERS • DECEMBER 2020
