Bets On The 2020 Election: Why Joe Biden Bettors Are Still Waiting On Payouts

As Donald Trump continues to contest the results of the 2020 presidential election, bettors are waiting to be paid for wagering against the incumbent. Some online sportsbooks have yet to issue payouts for those who bet on Joe Biden to win the election.

The Associated Press projected Biden as the winner Saturday after he received over 270 electoral votes. London-based online gambling company Betfair has taken over half a billion dollars in wagers on the election, and has yet to acknowledge a winner.

"We will only settle the markets when there is certainty around which candidate has the most projected Electoral College votes," Betfair said on its website. "Before settling the markets, we must therefore wait for clarity around ongoing vote counts, recounts and any potential legal challenges to the results."

The presidential betting odds fluctuated wildly in the hours surrounding the election.

Biden was an early favorite on election day with 5/8 odds, which suggested he had a 61% chance to become the next president. Trump became a 4/6 favorite at night when it appeared he might be headed for a second term. Just a few hours later, Biden was back to being an odds-on favorite.

One bettor placed a $1.32 million wager on Biden that will pay out $2 million if the former vice president officially defeats Trump, Bloomberg reports. It could be weeks before that person sees their money.

PredictIt, a betting platform based in New Zealand, is also waiting to call the election. More than 117 million shares were traded by Election Day, according to Bloomberg.

PredictIt won’t pay out Biden bettors until all the electoral votes are officially counted.

Most news organizations have projected Biden to win at least 279 electoral college votes. That number is expected to surpass 300 with Georgia and Arizona likely to go for the Democratic nominee once votes are certified.