Ever since the invention of betting more than 2,000 years ago, the practice has grown wider incorporating more opportunities. Politics has been one of the most important subjects for hundreds of years humans care about - because it shapes us, our future and our world.
In addition to sports, gamblers can also predict the outcomes of popular political events and win money in return. So, what is political betting? Is it legal to gamble on political developments? If yes, how do you go about that? For answers to these queries and many others, keep reading.
As the name suggests, politics betting involves predicting the outcome of major political contests like the UK General Election, US Presidential Elections, and more.
But bookies don’t just make political betting odds for primary elections. Bettors can also get markets such as who runs for what office, debate participants, debate duration, and more. In short, there are a plethora of political betting markets to exploit.
Meanwhile, it’s conventional wisdom that political betting is a relatively recent invention. But the truth is that political betting has a rich history, especially in Western countries.
It traces its roots back to the 16th century in Italy and the 18th century in the UK. In the US, political betting was so prevalent in the pre-1860 period. By 1960, bookies in Nevada were taking big bets on the upcoming US Presidential Election. See, political gambling is nothing new.
Is election betting legal?
Yes, betting on political indictments is 100% legal. However, it’s vital to place bets on reputable bookies like the ones listed here. In the US, for example, over 20 states have legalized sports betting, making political bets absolutely legal in these areas.
It’s even better in Europe, where most countries have recently revisited their betting laws to include online sports betting. Overall, betting on any opportunity is legal, depending on where the player comes from.
But what happens if betting is illegal in a country? Don’t worry; bettors in such jurisdictions can still place bets at the best offshore bookies.
These international bookies accept foreign players, provided they pass the KYC (Know Your Customer) process. Also, the best international bookies are licensed and regulated by respectable bodies like the UK Gambling Commission (UKGC), Malta Gaming Authority (MGA), and the Swedish Gambling Authority.
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How to bet on politics
After reading up to this point, it’s obvious you want to stake on political outcomes like the 2024 US Presidential Elections. Fortunately, many licensed bookies offer players mouthwatering election betting odds. Election props are pretty similar to traditional odds available at any given betting site.
Below are some standard political props to look out for:
Who will win the election?
Who will be the running mate of “X”?
Will candidate “X” rope in the Clintons or the Obamas?
How long will the debate between X and Y last?
Which party will carry the popular votes?
Now that you know some common political betting markets go ahead and create an account at a legal sportsbook. To do that, create an account, claim the bonus, and choose a political event to bet on. But before placing a bet, learn how to read the odds. Luckily, that’s what this page will be discussing next.
How to read election betting odds
Reading political betting odds is pretty straightforward. The odds are available in Decimal, American, or Fractional formats, depending on your jurisdiction.
Decimal betting odds are common in Europe and Asia, whereas Sportsbooks in the US and Canada use American odds. Lastly, bettors often come across Fractional betting odds in the UK and Ireland.
For example, a UK bookie may be offering 2.51 odds on the ruling Conservative Party to win a hotly contested parliamentary election against the Liberal Democrats. Now, in this case, if a bettor stakes $10 for the ruling party to do the needful, they end up with a $15.1 profit if they win ($10x2.51).
As for the American odds, an oddsmaker can offer -150 for Joe Biden to win the upcoming Presidential Election. On the other hand, Kanye West has +150 to win.
If that’s the case, a bettor has to pony up $150 for Biden to win to get a $100 profit. Meanwhile, a $100 wager on Kanye West can give a $150 profit. Remember, the negative (-) odds represent the favorites while the positive (+) are the underdogs.
Lastly, a bookie might offer lines in Fractional odds, aka British odds, aka UK odds. Sticking with the first example above, suppose the odds are 6/1 for the Liberal Democrats to carry the day. If so, it means successful a $10 bet guarantees a $60 profit inclusive of the $10 stake. Just multiply the stake by the numerator and then divide by the denominator. Then, add the total stake to learn your winning potential.
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Politics betting sites
What makes the perfect political betting site? There is a specific criterion for searching and selecting the best political betting sites. Here are the most common ones:
Licensing and regulation: Just like when choosing a traditional gambling site, licensing should be the main priority when selecting a political betting site. Before placing an election bet at any sportsbook, ensure that the site is reputable like those promoted on this page.
Security protocols: This is another factor that adds to the credibility of gambling sites. On top of holding a valid license, a secure betting site must be SSL encrypted to ensure maximum data security. Again, most recommended sites here tick this checkbox.
Betting markets and odds: Political markets are not just any other betting markets. As such, the best bookies must strive hard to provide as many markets as possible. Also, the odds must be player-friendly. To ensure this, scout around and compare the odds before joining a sportsbook.
Bonuses and promotions: With a range of options out there to choose from, it’s not worth joining a bookie that doesn’t offer incentives. The best political betting sites should offer new players free bets and deposit bonuses. Also, loyal players must enjoy incentives like frequent rebates and deposit bonuses.
Customer service: Ensure that a sportsbook offers a state-of-the-art support mechanism. The support team should be reachable on phone, email, live chat, or social media. Also, they should be available 24/7 and in multiple languages. Plus, try them with a query or two to see how fast they respond.
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Politics betting tips
Interestingly, there is no good or lousy betting strategy in political bets. However, some systems have proved more efficient than others over time. First, dig deep to unravel the actual situation on the ground. For instance, the political news on CNN can differ from what’s available on BBC. International news channels are known to have political inclinations. So, research deeply on several sources.
Secondly, use political pollsters prudently. That’s because these polls can be skewed depending on the source. Remember that the most reliable polls depict the exact situation as it is happening. If possible, use local pollsters are they are generally more accurate. Overall, who was interviewed and who conducted the poll is important.
Above all, set up a gambling budget and respect it at all times. Here’s the thing; capping the amount to bet within a day, week, or month makes losses less painful and wins even sweeter. The thing is to join the political betting craze knowing that losses are more prevalent than wins. And, of course, don’t chase losses as the end result is predictable.
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Responsible gambling
Whether betting on politics or any other event, responsible gambling is a must. So, apart from setting aside a spending limit, which other tricks apply? For starters, set a time limit as gambling can be time-consuming. It’s possible to spend hours in the bookie betting until your bankroll goes bust. In that case, bettors don’t only run the risk of betting addiction but also going bankrupt.
Also, avoid gambling under the influence of drugs or depression. Depressed players are known for making irrational and unwise betting decisions. In addition, betting under the influence of alcohol or drugs can impair judgements. Thus, only play when the head is clear of any stressful thoughts or influence.
Lastly, don’t bet to make a living out of it. Political contests are known to produce unpredictable results, just like other forms of gambling. Therefore, investing a fortune in a betting market will likely leave you broke and stressed at the end of it all. So, bet small and enjoy the show as they come.
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