2021-01-23

How Offshore Oddsmakers Made a Killing Off Gullible Trump Supporters

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Alex Kirshner, in a delicious story for Slate:

The odds-shifting bonanza on election night, with all that money
on the line, was not a sign that the oddsmakers knew something the
mainstream media did not. Instead, the Trump spike was the peak of
a phenomenon that had been unfolding all year. Many Trump
supporters were certain he could not lose, and they plowed so much
money into betting on him that they distorted markets in his (and
ultimately, the sportsbooks’) favor.

“It’s the most irrational market I ever saw,” says Collin Sherwin,
a Tampa, Florida–based gambling writer who covers the industry for
Vox Media’s DraftKings Nation.

The MAGA types were still wagering real money on Trump after the election had been called for Biden. It was like taking candy from babies who deserved to have their candy stolen.