A British gambler has bet $5 million that President Trump will win reelection in one of the largest political bets ever, the U.K. tabloid The Sun reported on Tuesday.
The gambler, a former financier whose name was not published, made the bet through a bookie service registered in the Caribbean island of Curaçao. If Trump is reelected, the financier will net $15 million on a 2.85 return for the bet.
“Word of this bet has done the rounds and we think it’s the biggest ever made on politics,” a source in the booking industry told The Sun.
Political betting is illegal within the U.S. itself, but outside the country the industry is experiencing a boom for the presidential election. The betting market for the current elections is estimated to be around $1 billion.
“This is a huge market,” Matthew Shaddick, head of political betting at British gambling firm GVC, told the Associated Press last week. “It is twice as big as 2016, easily making it the biggest political event ever. It might be the biggest ever market on anything pretty much and outstrip football [soccer] worldwide.”
President Trump is hoping to pull off another upset victory similar to the 2016 elections, when many political observers were sure of a win for Hillary Clinton. Most current polling shows Joe Biden with a slight lead in battleground states needed to ensure an electoral college win.
However, memories of the 2016 election have made Democrats and Republicans skittish about Biden’s chances.