Betting on Elections/Politics [Video]
Betting on elections requires an apolitical approach. Personal opinions about candidates and various outcomes are not only irrelevant but delusory. Just as wagering for or against sports teams because of our allegiances would be a long-term losing strategy, betting on political elections because we prefer one candidate versus the other is misguided.
Hence, whatever we happen to think of President Trump, Republicans, Democrats, or any other political issue, the only thing that should matter in elections betting is value.
Last week, we discussed political betting on our weekly show at 5th Street Sports. Broadcast live on 40 radio stations and seen on Facebook Live, we spent about 25 minutes talking about the odds of Trump’s impeachment, the chances of Kim Jong Un being overthrown in North Korea, and the potential value of betting on this November’s 2018 midterm elections. Will Democrats re-take the House and/or the Senate?
I hosted this segment and was joined by 5th Street Sports founder Nick Geber and resident insider-handicapper Frank Perez. Most of the analysis was provided by Oklahoma Brian.
Although betting on elections isn’t legal in the United States (including Nevada) at the moment, many offshore sportsbooks and overseas betting outlets offer political wagering. For instance, betting shops in the U.K. have been offering political propositions for many decades. We also briefly discuss the ethics of wagering on current events.
One thing we all agreed on is that global betting markets often provide a far more reliable method of prediction than conventional analysis and opinion. Want to know what is most likely to happen? Follow the money.
This video is brought to you by 5th Street Sports. Please visit our website HERE.
The discussion runs about 25 minutes.