Placing a bet on the outcome of the US presidential election is technically illegal. However, European bookies have been cashing in on a loophole, which allows presidential betting as long as the wager is placed outside the country
Despite several media outlets and websites suggesting otherwise, it is now illegal to wager on politics on US betting platforms. The United States is accustomed to the gradual legalization of sports betting at the state level; but, wagering on politics is a very different story.
Politics is something that Americans adore. Republicans and Democrats are effectively divided into hostile camps by the two-party system, which also makes politics into a competition. Comparable to a sporting event involving two teams, US politics provides an ideal environment for wagering.
Can I Place a Bet on American Politics?
No. We regret to inform you that political betting is illegal in every state in the US. Actually, political wagering has never been permitted in this country. People would risk their hard-earned money on presidential election contests in the 1800s, and Wall Street stock dealers would also place bets on the trading floor.
Betting sites located in Ireland, Scotland and other UK countries allow Americans to place bets (
Getty Images)
However, these weren’t legally legal wagers because the government couldn’t monitor the rackets or chose to ignore them. Nevada was one of the few states where it was permitted to wager on sports in the middle of the 20th century.
However, bookies didn’t suggest extending their markets to political wagering until 2013. The Nevada Gaming Control Board rejected this notion, and the matter hasn’t really come up again.
After states were finally able to enact legislation allowing sports betting in 2018, the sector has experienced tremendous growth. However, political odds and other markets are still unavailable from recently licensed US bookies. They will only gamble on MLB, NHL, NBA, and NFL games for the time being.
As long as a presidential wager is made on a website outside the US, it’s perfectly legal (
Getty Images)
Why is presidential betting banned in the US?
The US has outlawed political betting due to concerns that the markets would stifle democracy. It is feared that bettors may try to sway elections, whether they are local or national contests for president, in order to profit handsomely from their efforts.
The claim that people constantly attempt to sway elections through fundraising, advertising, and leafleting is one way to refute this. If joining a political party doesn’t help you win elections, what good is it? Furthermore, businesspeople donate millions of dollars to support the campaigns of their choice, and stock speculators hedge their bets on who might win elections.
Individuals also wager on the outcome of European political contests ( Image: Getty Images/Collection Mix: Subjects RF)
Can You Bet on Politics Elsewhere?
Absolutely. European bookmakers, especially those in the UK and Ireland, offer a large selection of political betting odds. In fact, the presidential betting site PredictIt operates on the fringes of the law as the platform is based in New Zealand. Political wagering is quite common throughout Europe and is not limited to US politics. It is possible to place bets on the Scottish independence vote, the European Union, the next French president, and even the timing of the UK prime minister’s resignation.
