The growth in popularity of political betting

Anyone who follows sport will be aware of how wagering has increased in popularity over the last decade. New markets have emerged, along with concepts such as live betting in-play and custom bet building facilities. Whatever sport you follow, the choice of betting options has never been greater.

More focus on politics in recent years

However, outside of sports, politics has become the next most popular area of focus for bettors. Major events like Brexit and the 2016 US Presidential elections have brought even more focus on the political world and many sports bookmakers now feature political betting as part of their main betting portfolios.

For example, anyone looking for odds for the 2020 Democratic nominee in the upcoming US elections can find the latest news at sites like Betfair, which also offers markets for next president, the gender of the president, the winning party, and the democratic vice-president candidate. Just across these few markets, millions of pounds have already been wagered, and more markets are likely to appear as the main event draws closer.

A deep understanding of politics required

Political betting is not unlike sports betting in that the more you understand about the subject, the better chance you will have of predicting the outcome. The US political system, in particular, can be complicated to an outside observer. Therefore, it is imperative that anyone looking to wager on markets such as the 2020 Democratic nominee, understands how the mechanisms work.

If you study the system, know the profiles of the candidates, and are clear on how the voting process works, then you may be tempted to try and make a profit from political betting. Recent events have proved that, in politics, the favourites do not always win. Most polls showed a victory for Remain in the run-up to the Brexit referendum, and most US polls pointed towards a Hilary Clinton victory ahead of the 2016 US election.

A growing choice of markets

Most political betting at sites are limited to events in the USA and the UK, but you may find odds on other events such as the general elections in Ireland, Australia, New Zealand, and EU-related markets. For example, you can wager on the next country to have an in/out referendum. Ironically, the UK is one of the favourites in this market, as many experts have suggested they will eventually re-join the EU.

Also, when you are betting on sports, you need to leave your personal allegiances aside and only wager on outcomes you think are the most probable but also offer good value. The same is true when betting on politics. Whether you are left, right, or centric, the only thing that matters when seeking success, is making the right call.

During one of the most volatile political eras of recent times, it is no surprise that more and more people are choosing to wager on the major political events.