Heading into Tuesday’s election, Republicans were favored to win the Senate and House on PredictIt.org, a site that allows users to bet on political outcomes. But, as election results rolled in throughout the country, Democrats lead key Senate races in states like Pennsylvania and Georgia, swinging the odds back to the left.
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Late Tuesday night, PredictIt showed Democrats winning control of the Senate favored at $.77 on the dollar. This means that you can buy “shares” of that outcome, and get paid $1.00 if it happens. There has been a 46-cent swing in the Democrats' favor in that specific market.
Like other betting markets, you get better odds for what is seen as a less-likely outcome. Currently, you can bet that the Republicans end up winning the Senate for $.27 on the dollar, good for about a 270% return if that ends up happening,
Key Races: In Pennsylvania, Jon Fetterman looks on his way to defeating Dr. Oz in a huge upset. Heading into the election, PredictIt had Fetterman’s odds of winning trading at $.40. Late Tuesday night, those odds had increased to $.95.
In Georgia, Herschel Walker tried to run away from Raphael Warnock but might get tackled from behind. The race is too close to call, but PredictIt shows Warnock leading, with his odds at $.65.
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