Topline
With polls closing in mere hours, betting markets firmly favor former President Donald Trump to secure a second presidential term, though poll-based prediction models indicate the candidates are locked in a dead heat.
Betting markets lean in Trump’s direction with some polls closing in less than 12 hours.
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Key Facts
Polymarket: Perhaps the most famous election betting player, the blockchain-based site leans the heaviest toward Trump, giving him 61% implied odds of victory compared to Harris’ 39% as of about 4 p.m. EST.
Kalshi: The New York-based prediction platform favors Trump by a 58% to 42% margin, a major shift from Saturday, when Harris briefly led on the site; unlike Polymarket, Kalshi legally operates in the U.S., as do rival PredictIt and brokerages Robinhood and Interactive Brokers.
PredictIt: The site tilting most strongly toward Harris, PredictIt prices in roughly 49% odds for Harris compared to 51% for Trump.
Robinhood: The retail trading giant is the newest major entrant into election betting and gives Trump about a 60% win probability compared to 42% for his Democratic opponent.
Interactive Brokers: The digital brokerage run by billionaire Thomas Peterffy offers election betting via its subsidiary ForecastEx, which prices in around 57% odds for Trump and 41% for Harris.
Betfair and Smarkets: The London-based sites are not open to Americans, but both assign similar chances of a Trump win, with Betfair favoring the Republican by a 61% to 39% margin and Smarkets by a 61% to 41% tilt.
Big Number
58%. That’s the betting market’s aggregated odds for a Trump victory, according to the Election Betting Odds tool, which tracks odds across Betfair, Kalshi, PredictIt, Polymarket and Smarkets.
Contra
Polling data suggest almost Harris and Trump stand on nearly equal footing on Election Day. FiveThirtyEight’s forecasts favor Harris at a 50% to 49% clip, while Silver Bulletin, the model run by statistician and Polymarket advisor Nate Silver, leans toward Harris by a miniscule 50.02% to 49.99% margin. The difference between betting market odds and poll-based prediction models has been a major subject of debate in recent weeks, with some suggesting betting markets are a better predictor as bettors are financially incentivized to wager on the candidate more likely to win and skeptics pointing to the potentially pro-Trump demographic among bettors as an explanation for the skew.
How Does Election Betting Work?
Sites offer users contracts whose prices are tied to the real-time, market-implied odds of a certain candidate. Each contract pays out $1 if the bettor opted for the winning candidate and $0 if their wager was incorrect. So at the current odds, a contract for Trump would cost about $0.57 and one for Harris roughly $0.44 on Robinhood, with the same binary $0 or $1 return offered for each contract. Election betting sites which operate legally in the U.S. have comparative limits, with Robinhood allowing 5,000 contracts per user and PredictIt $850 per user on each election market.
When Do Election Bets Settle?
It varies by platform. Polymarket’s main market will pay out when the Associated Press, Fox News and NBC News desks all call the election in one candidate’s favor (so potentially as soon as this week), Robinhood will pay winning bettors Jan. 7, the day after Congress certifies results, Kalshi on the day of the Jan. 20 inauguration and PredictIt says it will pay out when “any ambiguity or uncertainty before the market is settled.”
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