Apart from sports betting, political betting is one of the fastest-growing online betting categories in the gambling industry. Although most people associate betting with sports, the notion is slowly changing as other activities, such as politics, are being wagered today.
It is worthy to note that political betting is illegal in the United States of America, making offshore betting the only available option for the nation’s residents. Contrary to this, political betting, whether offshore or not, is legal in Europe. Regardless of where you live, you must look out for licensed, safe, secure, and reliable political betting sites that consistently provide handicappers with excellent odds.
Types of Political Bet
There are different types of political bet available today, and they are:
Moneyline is a type of political bet that deals with two possible results. An example of this bet is placing a wager on questions such as, “Which United States party will win the 2020 presidential election? Democrats or Republicans?” You should note that the possibility of any of the two outcomes occurring is not an equal 50-50 split as one outcome usually have a better chance of happening than the other. Regardless of your choice, Moneyline odds attach specific payouts on both outcomes.
The favorite outcome (which is the outcome that has a higher chance of coming to pass) is indicated by a negative number, such as -150. This means that you have to place a wager of $150 on the winning outcome to earn $100. Favorable Moneyline odds, like +125, are the other result; that is, for every $100 you wager, you will make $125.
Futures are bets placed on occurrences that are yet to happen. These political bets usually include a field of participants from which the person placing bets will choose. A good number of political bets belong to this category. An example of futures is when you place a bet on one electoral candidate winning an election amongst several candidates.
Using the United States presidential election as a case study, placing a wager on a question posed by an online sportsbook, like “Which one of Donald Trump, Joe Biden, and Kanye West will win the 2020 presidential election?” is a Futures bet.
Also known as proposition, this type of political betting describes a wide range of bets. It refers to all odds that deal with political occurrences beyond electoral contests. For instance, some online betting sites will allow you to place bets on specific events like “Will Donald Trump be impeached before the end of his first term in office as the President of the United States?” Another example of props includes every political betting odds and lines that deal with Trump’s foreign policy decisions.
Also known as over-unders, Totals are bets placed when the oddsmakers set a line, and they usually deal with the number of times a specific situation will occur. For instance, a sportsbook could post political betting odds on the possibility of “Donald Trump making over or under 13.5 tweets on a Super Bowl Sunday.” If the President should make 14 tweets or more, then bettors with the overs win. On the other hand, if he should make 13 tweets or less, those with unders win.
Political Events To Bet On
As soon as you’ve established the best sites for political betting, as well as how to make political bets, you have to identify the political events you can place wagers on.
If you feel like you know about local and regional politics, you can go ahead to place your wagers on smaller elections. However, bettors are oft to place wagers on the more general elections, such as Presidential elections. The following are a few examples of some of the political events you can bet on:
The United States Presidential Election
This is one of the most popular elections you can bet on. The odds of the US Presidential election are frequently posted and changed as the stock of each Presidential candidate rises and falls across the race. The handle on the stock of these candidates increases as election season looms, and each candidate’s position becomes clearer.
The oncoming 2020 Presidential election currently sees a lot of action on numerous political betting sites. It also witnesses an increasing number of situational props and changed odds as the election day draws nearer. Some of these changes occur due to debate performances, late entry into the presidential race, and public reception, among others.
The United States Congressional Election
While it is not as popular as the Presidential election, the US congressional election is also frequently played by bettors, especially those who are politically informed. As a result of how dependent these elections are on the state itself, Congressional Election bets are usually more regional than national since they lack the appeal that is characteristic of betting on Presidential election.
Interestingly, we will probably witness increases in action during the oncoming Congressional election due to the rise in the public’s consciousness regarding the people nominated into the House of Representatives. However, the value of this election and its odds were pale compared to that of the Presidential election.
Other examples of political betting include:
- Referendums, like Brexit
- British Parliament Election
- London Mayoral Election
- Austrian Parliament Election, and many more.
Criteria for Choosing Political Betting Sites
To ascertain that the political betting site you have decided to place your wagers on is safe, secure, and reliable, ensure it meets the following criteria:
In contrast to sports in general, political events rarely occur, with most significant elections holding every four – or five – years. This is why top betting sites have created an avenue with odds, including a wide range of situations and outcomes beyond elections. For instance, placing a wager on the volume of tweets to be made by the US president, the next criminal to receive his pardon, etc.
Online Banking Options
There are several ways you can withdraw from and deposit money in your online gaming account today. It is imperative to you as a bettor to identify the best banking method for your location, personal preference, and regional regulations. Therefore, betting sites with a range of online banking options can be considered to be top-tier.
While it is not guaranteed that you will need to connect with the customer service team of any political betting site, it is still necessary that the site provides excellent support service for the rare occasions when you will need them.
Safety and Security
One of the scariest things about online gambling is transferring your money to an offshore website that could be under a foreign jurisdiction. The fear is warranted because of the rate at which scammers are scattered across the internet. This is why online sportsbooks must be vetted for safety and security.
For many people, an online sportsbook is the only option for placing political bets since the act is prohibited in land-based betting sites. Fortunately, that is not a hindrance as the internet today makes it easy to place bets. Ensure you follow the criteria above when seeking safe and secure betting sites. They will help you avoid illegitimate betting sites.