Monday, August 24, 2015

Betting on U.S. Elections Booms Overseas

While Donald Trump weathered criticism over remarks he made about Fox News journalist Megyn Kelly, his unofficial odds improved to 15-1 from 20-1 to win the Republican nomination — at least according to Jimmy Vaccaro.
“He is a marquee value,” said Vaccaro, a renowned odds maker at the South Point Hotel and Casino in Las Vegas. Trump “is like the Dallas Cowboys. People either love him or love to hate him. I’m rooting for my man Donald to stay in the race for quite a while.”
Whether or not you agree with Trump’s standing, wagering on the 2016 presidential election has become a big business overseas. Americans are finding ways to get in on the action — despite laws that prohibit online gambling and betting on elections.
Vaccaro is handing out his own unofficial odds on the Republican presidential nominee for the first time this year as a way to drum up talk about politics at the Las Vegas sports book he oversees. He created the odds “for entertainment purposes only,” but he plans to update them on a weekly basis.
He has no doubt that campaigns are keeping tabs on how they are faring with him.
“I guarantee you they’re watching,” said Vaccaro.
The Iowa Electronic Markets — a research website operated by the University of Iowa — offers a legal way to wager on the 2016 presidential election with real money through futures contracts. The Iowa project received a special dispensation by federal officials because its markets are used as an educational tool at the business school.
Read the rest of the story HERE.

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