Election Betting 101
When betting on an election, there will be many different lines and odds that are available to choose from. Typically, these lines will consist of the parties or candidates running in the election, as well as odds for each individual result. For those new to betting, odds and probability are different, yet connected statistics that determine a bet. However, it is an easy concept to grasp and in our election betting 101, bettors on politics can learn all they need to get started.
Best Sites for Betting on Elections
Types Of Wagers And How They Work
Betting on the elections can come in many different forms, but it mostly similar to standard sports betting, albeit with different “competitors”. The same types of bets are common, with the same sort of strategies and systems applying. Take the time to familiarize yourself with the different types of political bets available before making any wagers.
Betting A Side In The 2020 Presidential Election
Picking the party that wins is one of the most common political betting options. The odds for a representative of the Republican Party or the Democratic Party to win are often very similar to the odds for the favorites to represent each side.
Betting on the Republican Party is favored entering 2024, as Trump looks to get back into the White House. However, Republicans are not as favored against the Democrats as much as Trump is favored against Biden. This is because there are Democrats behind Biden who have a better chance of becoming president than the politicians behind Trump for the Republicans.
The field here represents anyone outside of Donald Trump winning the election. The reason behind field bets is to give the bettor some freedom of option to make the bet more enticing. The field will obviously represent the democratic candidate, and any other independents in the election.
Prop Betting On Specific Election Events
Propositional, or prop, bets are bets based on specific individual events that may or may not occur surround a specific election or political race. These can vary from all sorts of possible scenarios or results and vary wildly depending on your sportsbook of choice. Popular political prop bets include things like term length, margin of victory, and popular vote results, but the options are endless. Here is an example of a political prop bet available right now:
Election Based Over And Under Bets
Similar to sports, there are also over under bets available for political and election betting. While not as common as other bets, over under bets can sometimes be found on sportsbooks for statistics regarding the election. These can be things like the amount of states won, amount of electoral college points, amount of total popular votes for a candidate, and many others. Here is an example of an election over under bet in your online sportsbook:
In this example you would be betting on the amount of states that are won by the political candidate. If the result is over or under the set amount by the oddsmakers, then you win or lose the bet depending on the side you chose.
Picking The Right Election Betting Site
Now that you have seen the possibilities that are available, it is time to decide where you are going to place your bets. When choosing an online sportsbook, there are many different factors to consider that could influence your decision. Every sportsbook is different, and they all come with their own advantages and opportunities.
All of the sportsbooks we recommend are legal and trustworthy, so the main difference comes down to things like available lines, promotions, and user interface. We suggest visiting each sportsbook political betting page and browsing the available offers.
Compare the odds and lines, and use that information to decide which book is right for you. Of course, you are always allowed to use more than one online sportsbook. We recommended this as well as it allows you the ability to shop lines and odds between books on the same bet, making sure you always get the best possible bet.
Making A Deposit With Cryptocurrency
Once you have chosen your preferred online sportsbook, it is time to deposit funds to bet with. When depositing money there are usually many options available on the website. We recommend you use cryptocurrency. By using crypto, you not only are using the safest method of digital financial transaction available, but you will have access to your funds quicker than any other method. Using a cryptocurrency like Bitcoin couldn’t be any easier in today’s day and age. Simply sign up for a digital wallet for free, and you will be ready to trade crypto. After purchasing crypto, it is a simple deposit method on the website to transfer the funds into your account.
Deposit Bonuses For Election Betting
As mentioned before, one of the best benefits of using online sportsbooks are the bonuses and promotions. Be sure to check if the sportsbook you decide upon is offering a deposit bonus. A deposit bonus is a bonus given to the customer upon depositing their funds into their account. They can come in the form of a matched deposit, free play, or any other unique bonus.
When depositing your funds, the website should show their deposit bonus. Simply select the deposit bonus you want and it will be applied to your deposit. However, if you plan to make only a few bets and then withdraw your money, the deposit bonuses might not be in your best interest, as they require you to wager a certain amount of money before being able to withdraw. Read over the conditions of the bonus before applying it to your deposit.