A gambler the UK actually put down a million-pound £1 million/$1.3 million/Ksh 141 million bet on Joe Biden to win November 3rd election.
The huge bet was placed October 29th on the Betfair Exchange, the world’s largest online betting exchange, where gamblers find others to match their wagers.
The gambler is however not able to collect his $710,000/Ksh 77 million profit and the original stake even though Joe Biden won the November 3rd election.
“Market will be settled once the result has been officially confirmed. We will only settle the markets when there is certainty around which candidate has the most projected Electoral College votes,” Betfair said in part in a statement.
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Even though Biden has won US election, the official results are yet to be concluded as votes are still being counted in some states.
Incumbent Donald Trump has also not yet conceded defeat and he’s continuing to push his lawyers to pursue legal challenges that would delay formal certification of the results.
“Before settling the markets, we must therefore wait for clarity around ongoing vote counts, recounts and any potential legal challenges to the results,” a statement from Betfair read.
The gambler will have to wait longer before they can collect their profit. If Trump refuses to concede defeat US Supreme Court will arbitrate on the matter. But legal experts are confident Trump’s case is weak and that the Supreme Court will only legitimize Biden’s win.
The gambler who backed Biden with the third biggest wager in Betfair’s history wishes to remain anonymous, the spokesperson for Betfair said on Monday.
Related: Treasury To Reintroduce 20% Excise Duty On Betting
