That’s big! US$1.3 million bet placed for Joe Biden to win election

One person in the United Kingdom is expecting a massive payout after betting £1 million (US$1.3 million) that Joe Biden would win the United States presidential election.

Joe Biden

The bet was placed on October 29, days before the November 3 election. The bettor is expected to collect £540,000 (US$710,000) profit and original stake on the bet that was placed on Betfair Exchange, the world’s largest online betting exchange.

However, the bettor will have to wait a while to collect the winnings.

“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 last Friday.

“Before settling the markets, we must therefore wait for clarity around ongoing vote counts, recounts and any potential legal challenges to the results.”

Ballots are still being counted in the US following a very tight election. Projections, so far, say that Biden has secured 279 of the 538 Electoral College votes to 214 for Donald Trump.

Trump is yet to concede to Biden, and he has been challenging the results of the election.