[toc]Donald Trump’s defeat of Hillary Clinton to become president-elect of the United States has cost bookmakers dearly, after the underdog candidate emerged as a near-landslide winner last week.
Paddy Power Betfair revealed that they will lose a little under $3.3 million thanks to the shock election result.
As the polls opened, Trump’s odds neared 4/1 while Clinton was a firm favourite at 9/50.
Féilim Mac An Iomaire of Paddy Power Betfair described the election as “deja-vu” as he compared it to the Brexit result earlier this year.
“It looked to be following the odds early on before a dramatic turnaround.”
So confident were Paddy Power Betfair in their assessment of the election that they paid out more than $1 million to customers who bet on a Clinton victory – before the election had even begun.
One man’s loss…
However, Trump becoming the 45th president was not bad news for every gambler.
Paddy Power Betfair said that a dozen gamblers had placed “five-figure bets” on Trump at 15/4 odds, while one Dublin-based gambler bet €22,000 on a Trump win.
However, CNN reported that one woman had wagered $608,000 to win $851,000 on a Clinton victory at fellow bookmaker William Hill.
Ladbrokes also stated that two customers had won over $74,000 from $248 bets placed earlier in the election cycle.
Biggest non-sporting event to gamble on ever?
Ladbrokes said that their online gambling service had handled 35 wagers per minute on the 2016 election, while CNN report that a total of $186 million was staked on the race around the world.
This means that, if true, this is the largest non-sporting event ever wagered on, surpassing the Brexit referendum by a wide margin.
“Trump’s celebrity status has drawn interest from people who would have never bet on our political markets before,” Mac An Iomaire told CNN.
Trump upsets Clinton and the world
Trump, 70, led the Republican Party to its first election victory since 2004 when he secured 306 Electoral College votes. A candidate needs 270 or more in order to win the presidency.
Clinton was the huge favourite heading into the election on Tuesday but the odds quickly changed as Trump secured key battleground states. He won Florida early on, placing him firmly in the pole position, and the battle was effectively over when he won Pennsylvania.
Despite his overwhelming victory in the Electoral College, Clinton actually received a higher share of the popular vote; 60.4 million voted for Clinton while 60.07 million voted for Trump.
This is the fifth time in US history that a candidate has won the popular vote and yet lost the election.
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