Australia markets closed

    -7.30 (-0.10%)

    -0.0022 (-0.35%)
  • ASX 200

    -5.50 (-0.08%)
  • OIL

    +0.19 (+0.20%)
  • GOLD

    +1.20 (+0.06%)
  • Bitcoin AUD

    +229.05 (+0.56%)
  • CMC Crypto 200

    +4.29 (+0.76%)

Mystery businessman drops $7 million US Election bet

Republican presidential candidate Donald Trump gestures and declares "You're fired!" at a rally in Manchester, New Hampshire, June 17, 2015.  REUTERS/Dominick Reuter      TPX IMAGES OF THE DAY      FOR BEST QUALITY IMAGE ALSO SEE: GF10000188014
Mystery businessman drops $7 million US Election bet. Source: Getty

A mystery businessman from the United Kingdom has dropped what is believed to be the largest political bet in history, placing US$5 million (AU$6.93 million) behind a win for President Donald Trump with 37/20 odds.

The anonymous punter reportedly used private bookies registered in the Caribbean to place the multimillion-dollar bet on Trump, after consulting with “Trump camp insiders”, according to The Sun.

At a $2.85 return, the businessman could net nearly US$15 million (AU$20.9 million) if he wins.

But he’s not the only one, with another cashed up bettor in the UK placing a £1 million (AU$1.8 million) bet on Democratic nominee and former Vice President Joe Biden to win via Betfair Exchange.

If Biden wins, the punter stands to eard a whopping £540,000 (AU$986,610) on top of his million-pound bet.

Down Under, Aussies are also flocking to put money on the election. The major bookmakers, Ladbrokes and Sportsbet, stand to lose around $10 million each if Trump secures a second term in his presidency, 7News reported.

As of 4 November, Tab has Trump to win at $2.50, and Biden at $1.56. Ladbrokes has Joe Biden at $1.45 and Trump at $2.75.

However, US election polls continue to show Joe Biden is headed for the White House, with more than 100 million ballots already cast ahead of the day.

But if 2016 is anything to go by, Biden supporters shouldn’t be complacent, as anything can happen. Regardless, America is bracing for riots, with businesses across the nation boarding up their shopfronts in preparation for protests.

Stay up to date with Yahoo Australia’s latest US election coverage here.

Do you want to take control of your money and learn to invest in 2021? Sign up here to our free newsletter and get the latest tips and news straight to your inbox.

Follow Yahoo Finance Australia on Facebook, Twitter, Instagram and LinkedIn.