Why Are Bookmakers Called Bookmakers
© Drew Angerer/Getty U.S. President-elect Joe Biden gestures to the crowd as he delivers remarks during a drive-in rally for U.S. Senate candidates Jon Ossoff and Rev. Raphael Warnock at Pullman Yard in Atlanta, Georgia, on December 15, 2020. Bookmakers have begun to pay out on Biden winning the 2020 presidential election.
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Some 42 days after Election Day, a major bookmaker has finally begun paying out on Joe Biden winning the 2020 presidential election—leaving Donald Trump supporters disappointed.

The decision follows, the Electoral College officially casting their ballots faithfully on Monday, giving Biden 306 votes to Trump's 232. Candidates needed 270 to win.

As a result, Betfair, which has one of the world's largest online betting exchanges, announced it would start paying out the following day.

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'The Next President market rules stipulated that we would settle the market on the candidate that had the most projected Electoral College votes,' the company said in a statement released on its website.

Watch: Mitch McConnell Recognizes Joe Biden As President-Elect For The First Time

'Following the Electoral College votes being cast, that candidate is clearly Joe Biden.' It added: 'Thanks for your patience.'

More than $300 million has been tied-up in 2020 presidential election bets, according to industry estimates.

Less than 24 hours before Election Day, Betfair said stakes worth a combined $337 million have been placed on the result. Of these, $170 million has been placed on Biden and $156 million on Trump, the firm said.

One man in the U.K. had a single bet on Biden to win that was worth about $1.29 million—the largest of its kind—according to the company.

Previously, the bookmaker had said it would not pay out on the election 'until there is clarity around any ongoing recounts and any potential legal challenges.' On November 26, Betfair was still offering odds of 11-1 on a Trump victory, with a Biden win at 1-18.

Betfair said its pay out decision 'will not be resettled based on any subsequent events.'

In 2016, Irish betting site PaddyPower paid out more than $1 million before Election Day to those who backed Hillary Clinton to defeat Trump

Trump backers react

Those who backed Trump to win the race have criticized the bookmaker's decision and called for it to reconsider, with one even suggesting legal action.

'My life savings has been placed on Trump to win and the votes have not all been counted, so why are you saying I've lost,' one bettor asked the firm on Twitter.

Another Trump backer, wrote of Betfair: 'I placed 100K€ and THEY GOT TO PAY ME IF TRUMP WINS!!!'

Suggesting a 'class action law suit' against Betfair's decision, another posted: 'They promised not to settle until all legal actions where settled. There is currently several legal lawsuits pending.'

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Last week, President Trump called out gambling oddsmakers that had believed, ahead of Election Day, that he was most likely to obtain a second term

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'At 10:00 P.M. on Election Evening, we were at 97% win with the so-called 'bookies',' Trump tweeted last Wednesday.

Trump did not specify which bookmakers he was referencing. Some betting sites did note a shift in odds away from Trump towards Biden as ballot counting continued.

Is the Election Over?

Why Are Bookmakers Called Bookmakers

Major media networks called the presidential race for Biden on November 7.

However since then, Trump has refused to concede and continues to baselessly allege widespread voter fraud. Attorneys acting for Trump have also filed multiple lawsuits attempting to overturn state election results, many of which have failed.

On Monday, the country's 538 electors cast 306 votes for Biden and 232 for Trump, paving the way for Congress to certify the votes in early January.

Congress' certification of the Electoral College votes will provide the official conclusion to the 2020 presidential election.

Congressional legislators could object to states' Electoral College votes on January 6, but it is unlikely that any such attempts would succeed.

Why Are Bookies Called Bookmakers

Trump allies, including Senate Majority Leader Mitch McConnell, have recognized Biden as the next president.

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