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Trump gains ground overnight in UK betting markets, Biden still favourite

LONDON, Nov 3 (Reuters) - U.S. President Donald Trump’s chances of re-election gained sharply overnight in online betting markets as Americans head to the polls on Tuesday, according to Betfair Exchange.

Trump’s odds of winning the election improved to 39% from 35% on the UK-based platform, while former vice-president and Democratic challenger Joe Biden saw his chances dip to 61% from 65%.

The election is on track to be by far the biggest betting event on record, with 300 million pounds ($389 million) bet so far, Betfair said. It accepts bets right up until the result is announced and sees bets with it to hit the 400 million pound mark, double that of 2016.

Betters on British exchange Smarkets give Trump a 38% winning chance.

$1 = 0.7710 pounds Reporting by Thyagaraju Adinarayan, editing by Sinead Cruise