Political bettors are losing faith in President Joe Biden’s chances of winning the upcoming election, as evidenced by Betfair. Following an official report about the president’s declining memory, Biden’s odds took a nosedive on the betting exchange.

In response to the Justice Department’s report on his mishandling of top-secret documents, the 81-year-old Biden denied having memory problems and stated that he knows what he is doing. However, his odds of winning the elections decreased as a result of the report. Biden’s recent gaffe, in which he referred to the Egyptian leader as the President of Mexico, didn’t help his case either. His odds of reclaiming his post now stand at 3.9, according to Betfair.

On the flip side, Biden’s loss seems to be Trump’s gain, as the former president’s chances of returning to power have increased, despite his ongoing legal issues. Betfair reported that the former POTUS’ chance of returning to the Oval Office now stands at 2.2 or 47%.

While many anticipate the upcoming US elections to be another showdown between Trump and Biden, political bettors haven’t ruled out the possibility of another Democratic candidate winning the ticket. Betfair noted a significant increase in punters’ backing for Vice President Kamala Harris to win the race following the latest Biden report. Additionally, Michelle Obama’s odds have also dramatically increased.

Meanwhile, Trump continues to maintain a leading position among the Republicans and solidified his position as the front-runner of his party following DeSantis’ premature exit from the race. Betfair spokesperson Sam Rosbottom mentioned that many bettors view Trump as a more reliable candidate following the recent report.

In a recent trip to Las Vegas, Biden announced his plans to crack down on additional fees at Vegas resorts, also known as “junk fees.” He criticized Sin City companies for ripping people off and vowed to bring down the prices of insulin, prescription drugs, and energy.

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