The huge bet was placed on October 29 on the Betfair Exchange, the world’s largest online betting exchange, where players find more to match their bets. The US presidential election was by far the biggest event in the history of the platform.
Media, including CNN, have called for Biden to run, but the bettor is yet to collect his £ 540,000 ($ 710,000) profit and initial stake. A Betfair spokesperson said on Monday that “the market will be settled once the outcome is officially confirmed”.
Bets would typically be settled following a result statement from news networks and a concession speech from the losing presidential candidate, the platform said on Friday. But this year is different. President Donald Trump has yet to concede defeat, and he continues to push his lawyers to take legal action that would delay formal certification of the results.
“We will only settle the markets when there is certainty around which candidate will have the most votes cast in the electoral college,” Betfair said in an article posted on its website Friday evening. “Before settling the markets, we must therefore wait for clarity on the counts of votes in progress, the recounts and possible legal challenges to the results. “
The US presidential election shattered Betfair’s records.
The competition has so far attracted £ 567million ($ 744million) in bets, making it the largest event of any kind in the platform’s 20-year history. The 2016 U.S. election grossed 199 million pounds ($ 261 million), for comparison, while 51 million pounds ($ 70 million) was bet on the 2017 fight between Floyd Mayweather Jr. and Conor McGregor.
– Chris Isidore contributed reporting.