Placing bets on matches, games etc is so 2019. 2020 has been the biggest gamble and some gamblers are placing massive bets on the outcome of US elections. Whether Donald Trump retakes the Oval Office or Biden enters the White House as US president, people are willing to take on the risky gamble on the US presidential election.

We are not just talking hundreds or thousands of US dollars in wagers. Try millions. While Biden is the bookies' favorite in winning the presidential race, Trump has ambitious takers who are willing to bet big to win big. It's like the popular saying goes: go big or go home.

$5 million bet on Trump's victory

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So what the odds are against Trump, gamblers like to take the risk. After all, the chances of Trump winning and losing are half and half at this juncture. On that note, a former banker based offshore used private bookies on the Caribbean island Curacao to place a massive bet of $5 million on Trump winning the election at 37/20. This is believed to be the largest political wager ever.

Trump's victory cannot be ruled out completely until the final results are in. In the event, the incumbent president wins the second term, this mystery gambler from the UK has a huge payday ahead. He could win almost $15 million on a 2.85 return.

Now, the lure of winning big seems to be getting a lot of gamblers' attention. According to Paddy Power, an online betting platform, 93 percent of the wagers in the last 24 hours have favored Trump winning a second term and only 7 percent go to Biden.

$337 million in total bets on US election

Joe Biden
Former Vice President and Democratic Presidential candidate Joe Biden makes a statement during an event in Wilmington, Delaware, US September 24, 2019.Reuters

Interestingly, a total of $337 million worth of bets have been placed on the 2020 election. Even though Trump is getting a lot of bets, Biden is not completely out of the gambler's mark. The highest bid for Biden is $1.29 million, which will fetch a return of $1.98 million if Biden beats his rival.

"Whilst more money has been bet on Donald Trump, it could be telling that the ten biggest stakes are all on Joe Biden," a Betfair spokesperson told Newsweek.

Of course, this betting will have no influence in how the US elections will take place or in any way tamper with the results. Also, political betting is illegal in the States, but not overseas.