US Election: Huge swing as Trump betting odds plummet

The odds of Trump taking the win have changed in the last hour. Photo / AP

There's been a lot of fluctation with betting odds in the last 24 hours and now Donald Trump is leading the race.

Just hours ago, as votes started to come in for the US election as polls closed, Joe Biden had firmed up in odds to become the next US president.

When voting on the east coast closed, Biden had moved from $1.60 to $1.48 with TAB in Australia.

And since drifting from $2.35 to $2.65, Trump had almost returned to his highest price with TAB which was $2.70 in mid-October.

But now TAB has Biden at $2.40 and Trump at $1.55.

Sportsbet also had Biden in the lead at $1.40 and Trump behind at $2.85 last night.

Those odds have now narrowed to $1.57 for Trump and $2.25 for Biden.

In terms of TAB betting, 63 per cent of money held today has been with Trump.

In 2016, Trump was $2.35 before markets closed ahead of the election.

JUST IN: Donald Trump is now favourite to win the US Presidential Election according to betting markets

— The Spectator Index (@spectatorindex) November 4, 2020

Betting markets have completely swung. Trump now favourite for President and short odds to win Arizona, Ohio, while also favourite in Pennsylvania. #USElection #USAvotes @9NewsAUS

— Tim Arvier (@TimArvier9) November 4, 2020

Biden's implied probability in the betting markets of winning the presidency has now slumped from 67% to 29%

— Matt Goodwin (@GoodwinMJ) November 4, 2020

Biden's highest price was $26 in February this year.

The US election has been so popular for TAB that it will hold more money for the historical event than the AFL or NRL Grand Finals and it's the same situation for Sportsbet.

Over in the UK, a British businessman is so confident Trump will win that he has placed a record-breaking bet on the president staying in the White House.

The mystery former banker used private bookies registered in the Caribbean to place a bet of US$5 million (A$7.02m), with odds of 37/20, on Trump's win, according to The Sun.

If he is successful, the businessman could be taking home almost $15 million ($A20.9m).

A betting industry source told the publication the bet was believed to be "the biggest ever made on politics".

While most indicators predict a Biden victory, if 2016 taught us anything, it's that there's no such thing as a shoo-in.

There has been a huge rush in bets on the US election.

Here's some major clues about what to expect from one of the most crucial votes in recent history when it comes to the polls – and the betting agencies.

Australian site SpotsBet have Joe Biden at $3.20 while Donald Trump is at $1.28.