Sportsbooks have held on to presidential betting winnings due to Trump's lawsuits.

  • Joe Biden has been declared by the media as the 46th President of the United States and winner of the 2020 Presidential Election.
  • Donald Trump is suing key swing states to stall their announcement of Biden’s victory.
  • Several sportsbooks have not paid out on winnings as of yet.

WASHINGTON – Sports bettors who took action on Joe Biden to win the 2020 Presidential Election would be happy by the apparent results, as the media has declared Biden as the winner.

However, with President Donald Trump’s refusal to concede and his subsequent lawsuits in several swing states, the official Electoral College votes have not been declared as of yet.

Fort this reason, those who bet on the 2020 Presidential Election and took action on Joe Biden, have yet to be paid their winnings.

Did Biden Win?

Despite the media declaring Joe Biden and Kamala Harris as winners, the election is technically not over yet. Many states are still counting votes and the Electoral College has not announced a winner as of yet.

This is standard for every election in the past, however. The media would announce the winner, then the losing party would concede, and the following suit, the winning party will work for a proper transition.

Donald Trump has refused to do any of that, leading to not only states being unable to declare a winner as the votes are caught up in court cases but also prevents the Biden administration from properly working for the transition.

This is affecting a large base of sports bettors, however. The 2020 Presidential Election is the most wagered on event in history, meaning a large number of sports bettors are eagerly waiting on their winnings.

How Sportsbooks Have Handled This

While sports bettors across the country are anxiously awaiting their winnings, sportsbooks have differed on how to go about these decisions by the Trump campaign.

There have been some that have paid out winnings on Biden already. Australian bookmaker SportsBet announced on November 4 that they were going to pay whoever bet on Biden to win. Biden was announced by the media as the president-elect until November 7.

Others have gone a different route and are waiting until the legal processes are finished and the electoral college votes are made official.

For example, popular online sportsbook Bovada issued a statement on Twitter letting their users know how they’re going about this unprecedented election.

Other sportsbooks, including MyBookie have taken a similar path. They claim they want the process to be fair, but it could also be a means to avoid any unnecessary losses on their end.

What Is The Most Likely Scenario?

Legal sports betting sites are still taking action on the swing states that Trump is suing. However, Biden is still a massive favorite to win those states with election odds upward of -1000.

The official Election results will be finalized in January, which gives President Trump plenty of time to have his many lawsuits and raise all of his issues in court. The plausibility of the election actually shifting in Trump’s favor is very low, however.

Many experts feel his case will be dead on arrival. And Biden has already been making the steps in constructing his administration. Sports bettors may have to wait until the top of the year in order to cash in on their wins.

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