$3.5m: Aussie punters’ ‘baffling’ bets on Trump
Aussie punters are staking millions in Hail-Mary bets on Donald Trump's re-election, ignoring polling numbers in the hopes that election history "will repeat itself".
Trump - the presidential dark horse - yesterday sat as a $2.80 underdog in Ladbrokes Australia's election stakes after being outperformed by Joe Biden in all key swing seats in the latest polls.
Still, the betting agency is holding around $3.5 million in bets for the incumbent president and "can barely write a bet for Biden", the $1.40 favourite.
"It has been one-way traffic since Biden was declared as the Democratic Party nominee, and in the past few weeks it has really intensified," Ladbrokes Australia CEO Dean Shannon said.
"As it stands Trump is a far worse result for us than anything that will run in the Melbourne Cup the day before.
Figures show that in the head-to-head market alone, Ladbrokes is holding eight times more bets on Trump than Biden.
That includes a $100,000 bet from one ambitious punter for Trump's re-election as well as a series of other bets between $2,000 and $20,000.
Mr Shannon said the Australia betting interest in the presidential election was "baffling", with Ladbrokes recording 20 times the number of bets on the US election compared to what was held for the entire Queensland election.
It follows a similar trend four years ago from punters who collected huge payouts when Trump, the underdog, usurped rival Hillary Clinton.
"The money was right then and there are plenty of Ladbrokes punters who believe history is about to repeat."
Originally published as $3.5m: Aussie punters' 'baffling' bets on Trump