Betfair Exchange sparks row after suspending US election betting
Flutter-owned outfit halts US election markets after President Trump’s Covid-19 diagnosis as Smarkets and Matchbook keep betting open
Betfair Exchange drew criticism at the weekend for its decision to suspend all US presidential election betting markets following President Trump’s admission to hospital by helicopter on Friday after contracting Covid-19.
Bosses at the exchange halted betting on Friday following Trump’s diagnosis to “protect customers” with unmatched bets, but then reopened the markets to allow those with open positions the opportunity to trade.
However, Betfair Exchange later announced on Twitter that betting had been suspended again shortly afterwards as “we do not feel it is right to provide a market given the circumstances”.
The announcement, which can be read in a seven-post Pinned Tweet on the exchange’s Twitter account, triggered consternation among some who argued that betting should have remained open regardless of Trump’s positive test.
Why? This market has operated in the midst of a pandemic for the last 8 months, during which the Trump campaign has held mass events against public health advice, where the candidate contracting Covid was a real possibility. It was a known risk to everyone betting on the market.
— Paul (@dillpickle24) October 3, 2020
Just over £105m had been matched on Betfair’s ‘Next President’ market before it was suspended roughly one month away from the election, which is due to take place on 3 November.
Most bookmakers, including Betfair Sportsbook, stopped taking bets on the election this weekend, however betting exchange operators Smarkets and Matchbook both kept their election markets open.
We're keeping it open. I wish Trump and all the hundreds of thousands of Americans currently with covid a very speedy recovery. https://t.co/Uh6JG4V6q8
— Jason Trost (@jasontrost) October 3, 2020
It appears that Betfair, which is owned by London-listed Flutter Entertainment, didn’t want to attract bad publicity for offering betting – and profiting – from Trump’s illness.
But despite the 45th president leaving the Walter Reed Medical Center for a much-criticised slow drive past his supporters on Sunday, all markets related to the election are still unavailable.
What's your opinion on @BetfairExchange suspending all betting markets on the US election?
— Julian Rogers (@Pilsudski97) October 3, 2020
More than £200m was matched on Betfair’s Next President market in 2016, making it the company’s biggest event ever in terms of volume by some distance.