Election betting odds have flipped to favor Trump, expert says

'He hasn't won yet, but it's looking like he might,' Maxim Lott said

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President Donald Trump is now favored to win the election based on an average of betting websites, an expert told Fox News Tuesday.

Within the past few hours, the website, electionbettingodds.com, created by Maxim Lott and John Stossel, recently flipped its averaged betting odds in favor of Trump.

"He hasn't won yet, but it's looking like he might," Lott told Fox News Tuesday night.

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Trump supporters gather near the Salt Lake County Government Center Tuesday, Nov. 3, 2020, in Salt Lake City. (AP Photo/Rick Bowmer)

Trump supporters gather near the Salt Lake County Government Center Tuesday, Nov. 3, 2020, in Salt Lake City. (AP Photo/Rick Bowmer)

Lott said betting odds on his site this morning, which are averaged from other gambling websites, had Trump as just a 38% favorite to win the election. As of 11 p.m., Trump is more than a 70% favorite. Democratic presidential candidate Joe Biden currently stands at just under 30%.

"I was surprised though to see it flip so quickly," he added.

Lott created a program on his website that every minute goes to different gambling sites, including FTX.com, Smarkets, and Betfair to check what the odds are.

He said the site was created in 2015 with the belief that markets and are the best predictor of what's going to happen because "they have an incentive to get it right."

While experts had Biden as the clear favorite to win the election, Lott said this year made things a bit more unpredictable. 

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"I always thought, and I said this before the election, that they were overconfident -- because 2020 is such a crazy year," he said. "You can't predict things."

Lott said that polls could be off because of shy voters and social pressure against Trump voters right now. He added that another X-factor people may have not been looking at was mail-in ballots.

Still, Lott said the betting odds could flip back to Biden. He described the former vice president's chances as flipping a coin two times and getting heads both times. 

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"That's about the chance that it'll flip back to Biden," he continued.