Sportsbook Wins Big On US Election

Donald Trump wasn’t the only big victor in the 2024 United States presidential election; so too were sportsbooks in Canada, as 75% of players using PowerPlay.com, for example, bet on Democratic Party nominee Kamala Harris, despite Trump entering as the outright favorite.

In Ontario, the trend was even more one-sided on PowerPlay.com, with around 90% of bets placed on Harris.

Election night 2024 wagering went smoothly compared to the uncertainties of 2016 and 2020, with Trump’s odds gradually shortening until he was ultimately declared President-elect fairly early on election day, contrary to what most pundits predicted.

After Trump lost the 2020 election to Joe Biden, the near certainty that he would run again in 2024 candidacy reportedly led one bettor to put down $500 at seven to one in July 2021 that Trump would return to the White House. This early bet paid out $3,500, compared to the $785 it would have returned if made just a week before the election.

“I think it reflects the result Canadians were hoping to see,” said Bill O’Brien, Sportsbook Manager at PowerPlay.com. “It’s a testament to how closely Canadians were following this race and how invested they were in its outcome, despite it being beyond their own borders.”

In an interview conducted via email due to the constraints of travel, time zones and high school basketball practice, O’Brien opined on election wagering.

Why do you think Ontario differed from other jurisdictions in terms of the percentage of bettors who wagered on Harris, 90% to 75%?

I think when it comes to politics betting, people often tend to bet with their heart. Traditionally in Canada, the likes of Alberta, Saskatchewan, and Manitoba would be more right-leaning than Ontario. I think the business that we saw reflected this, but we still had a majority of bettors siding with Harris outside of Ontario.

What was your handle on election betting?

It ended up being one of our top events of the year, and thankfully for us a very positive result, as we had a large liability on Kamala. One thing to note, the average bet size on the election was considerably higher than we would expect to see on other sports. Bettors were willing to put their money down on their opinions.

In an election that most were describing as too close to call, a huge majority of bettors put their money on Harris, why do you think that was?

I think there are two reasons for this. Firstly, people betting with their hearts, like I mentioned earlier. And probably more importantly, the odds of each candidate. We have been taking bets on the election for the whole four-year cycle, but the majority of business is seen in the days leading up to the election. At that point, Trump was a pretty decent favorite (-200), and lots of bettors don’t like taking such short odds. Kamala was a much more attractive price. The betting market didn’t think it was quite as ‘too close to call’ as many were saying.

Does U.S. politics look like a growth area for sportsbooks in Canada?

The last three elections have been huge for sportsbooks in Canada. It’s hard to avoid hearing about it as it is all over the media, and most people end up having an opinion.

In 2028 it’s going to be interesting to see if the interest is continued, or if the ‘Trump-effect’ will mean that fewer people will have an opinion one way or the other. I would predict that politics betting is here to stay, and will continue to grow.