General Question

odatin's avatar

What happens to a finalized wager if the voting recount results in a Hillary presidency?

Asked by odatin (83points) November 30th, 2016

If one places a major bet on the U.S presidential election through an online gambling website and they win big, what happens to the money that was won if a voting recount results in a Hillary presidency?

I asked the gambling site. They said all bets are final, however, they also said the manager reviews it case by case after the recount and that I will have to wait for the recount results. Seems like a contradictory statement if all bets are final and reviewing doesn’t seem feasible considering the vast amount of bets that took place in contrast with the limited amount of managers.

Anyone have more information?

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5 Answers

Espiritus_Corvus's avatar

I imagine that there were two ways to bet. You could bet on the popular vote or you could bet on the electoral college vote. I don’t think the guys who run these things would leave themselves open to all the bullshit if they ran pool where someone could simply bet on whether a candidate won or lost. There is a lot of money at stake, and these guys are far from stupid.

odatin's avatar

Electorate only. One can’t win the presidency on the popular vote.

If what you say is true, then I’m fairly certain the wager is graded – no take backs regardless of future changes.

Zaku's avatar

It would depend on the fine print (and interpretation) of the specific rules of the betting contract… assuming there are such rules. If they aren’t spelled out clearly enough, there might be a lawsuit in it… assuming the stakes were high enough and outweigh the costs (and risks if the bet isn’t entirely legal).

SavoirFaire's avatar

Keep in mind that no one has won the Electoral College vote yet. The electors don’t meet to vote until December 19th, so the recounts could have an effect on who—if anyone—wins the Electoral College vote. It’s unlikely, of course, but it’s still possible.

Any gambling site that lets people bet on the Electoral College winner but pays out before the Electoral College votes is making a huge mistake.

JLeslie's avatar

@SavoirFaire took the words right out of my mouth. The “game” is not officially over yet.

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