Canadian sportsbooks discovered a lucrative opportunity last night by offering a U.S. presidential election betting market, proving to be a profitable venture. While typically catering to bettors focused on the NFL, NBA, or NHL, sportsbooks found that the 2024 U.S. Presidential election generated an unprecedented level of energy, debate, and division. This all culminated in Donald Trump’s stunning victory, leading to an uptick in business.
Throughout the night, Trump remained a strong favorite among Canadian bettors. David Merry, a trader with BetVictor, noted, “There was plenty of interest early evening from Canadian punters (75% of it for Trump). Trump remained a solid favorite throughout the night. The biggest he ever went was 1.73 (-137) at around 01:30 (Central European Time). He then shortened again to 1.44 (-227) within half an hour and by 04:30 he was 1.20 (-500) and then kept shortening throughout the night until we eventually closed the book at 07:22 (CET) when he was an unbackable 1.002 (-50000).” This fierce competition between Trump and Kamala Harris on the Democratic side saw a surge in new accounts opened in Canada.
The odds movement, especially in Ontario, was nothing short of a rollercoaster. At 8 p.m. EST, BetMGM (Ontario only) had Trump at -200 and Harris at +170. Just an hour later, it was Trump -300, Harris +250, and by 10 p.m., Trump’s odds soared to -600 while Harris’s odds lengthened to +450. As results from Swing States started to flow in by 11 p.m., Trump’s odds skyrocketed to -2500, with Harris trailing at +1100.
DraftKings experienced a similar trend among Ontario bettors, with Trump capturing 55% of the overall handle and 49% of total bets. “We had solid engagement in the months leading up to the election and saw more action come in last night,” said Johnny Avello, DraftKings’ Director of Race & Sportsbook Operations. “Customers were interested in live betting and continued to bet on Trump despite the higher price. The one area customers won was on Trump to win the popular vote. This was certainly an upset, as he was priced at +250.”
Betting patterns at the Ontario Lottery and Gaming Corporation’s Proline mirrored these trends. According to a spokesperson, final percentages to win the 2024 U.S. Election were 53.7% of wagers on Trump and 46.3% of bets on Harris. The popular vote was also a noteworthy market, with Trump being the underdog and capturing 29% of the bets.
