2024 Presidential Election Betting Odds: Trump Now The Favorite, DeSantis Drops, Haley Soars — This Former First Lady Climbs Higher

National polls point to a likely matchup of Donald Trump and Joe Biden for the 2024 presidential election, which would mark a rematch of the 2020 presidential election.

The most recent betting odds reinforce this idea, with Trump and Biden among the two biggest favorites and their closest competition trailing.

What Happened: The 2024 election has been seen as a potential three-person race between Biden, Trump and Florida Gov. Ron DeSantis for many months. DeSantis has lost support in recent months with polls showing his support dropping and the gap to Trump widening.

As a result, betting odds for the Florida governor have taken a hit and he now ranks tied with another Republican candidate and behind several Democrats.

The latest betting odds come after the first two Republican primary debates, which were skipped by Trump. The newest odds also came as Trump kicked off a civil fraud trial in New York on Monday, one of many upcoming court appearances by the former president.

U.S. residents can’t actively bet with online sportsbooks on who the next president will be. Sportsbooks such as DraftKings Inc DKNG are live in Ontario and offer betting for residents of Canada. Foreign sportsbooks in Europe and other markets may also offer betting on the 2024 election.

DraftKings CEO Jason Robins told Benzinga earlier this year he hoped someday political betting on big races such as president will be allowed in the U.S.

Here’s a look at the latest betting odds from Bet365 as provided by Covers with odds from Oct. 3 along with previous odds from past months.

Along with the odds for the 2024 presidential election, Bet365 also has odds for the Republican nomination with the following candidates and their past odds in August.

Trump: -334 (-275)

DeSantis: +700 (+800)

Ramaswamy: +1100 (+500)

Haley: +1200 (N/A)

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Why It’s Important: After ranking in second or third place for several months, Trump is back on top and now the betting favorite to make a return to the White House.

Biden dropped to second with odds of +200 and remains one of the favorites to win the presidency and also the favorite to win the Democratic nomination for the 2024 presidential election.

Outside of the top two candidates, Democratic California Gov. Gavin Newsom made a push higher and is now listed as the third favorite to win the presidency, despite not officially running as a candidate.

While Newsom hasn’t declared a run against Biden, he will take part in a planned debate with DeSantis that will air on Fox News, a unit of Fox Corporation FOXFOXA, in November.

The debate between the two governors of rival parties is being called a “red state vs. blue state debate.” A strong reception for Newsom could lead to more interest in him running in the 2024 election.

After months of soaring up the polls and betting odds, Vivek Ramaswamy dropped down to odds of +3,300 and finds himself ranked behind several Republicans and several Democrats. After posting double digits in Republican voter polls of who would vote for him, the entrepreneur was selected by 7% of the voters in the most recent poll.

DeSantis continues to drop and now has odds of +2,000, a far cry from being the betting favorite in months past with odds of +225 to +300.

Michelle Obama, wife of former President Barack Obama, continues to move up the betting odds and now ranks fourth, trailing only Trump, Biden and Newsom. Obama has never said she was interested in running, but many point to her being a strong candidate if Biden were to drop out or candidates were to run against him.

Haley has risen in recent election polls, hitting 7% support in the latest Morning Consult. The betting odds show a similar move with her odds now listed at +2,000 compared to +5,000 in August.

Pence and Scott, who have fallen in recent election polls, see their betting odds worsen in the latest report.

Ranking outside of the candidates that have been covered in past editions of the betting odds, several other names jump out with several Democrats who have not announced a run, including Elizabeth Warren (+4,000), Gretchen Whitmer (+12,500) and Hillary Clinton (+12,500).

For the Republicans ranking outside the normal names tracked, Chris Christie is listed with odds of +10,000, but is dropping down polls with only 3% in the latest Morning Consult poll.

On the prediction marketplace, PredictIt, Biden ranked first at 42 cents, followed by Trump at 37 cents, Newsom at 15 cents and DeSantis at 5 cents. On PredictIt, the winner pays out $1 for each market. This marked an improvement for Trump and a drop for Biden from August.

For the GOP nomination, Trump leads on PredictIt at 74 cents, followed by Haley at 11 cents, DeSantis at 7 cents and Ramaswamy at 6 cents. This marked a gain for Trump and Haley and a drop for DeSantis and Ramaswamy from August.

Among Democrat candidates on PredictIt, Biden is listed at 70 cents, with Newsom at 21 cents and Harris at 8 cents. In August, Biden was leading at 71 cents compared to 16 cents for Newsom.

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