Trump overtakes Biden as favorite to win in November

U.S. President Donald Trump has overtaken Democratic rival Joe Biden to stand as the favorite to win the 2020 U.S. Presidential election on Europe-based betting exchange Betfair, the exchange said on Wednesday.

Trump's odds, reflecting wagers matched on the peer-to-peer betting network, stood at evens, Betfair Exchange said, versus 21-20 for Biden.

Betfair Exchange said four bets of over 10,000 pounds ($13,362) were placed on the platform overnight, of which three were on Trump, while the biggest stake of the campaign so far, a 50,000-pound bet, was placed on the Republican nominee over the weekend.

These bets in part aided Trump to take the lead, after being neck-and-neck with Biden earlier this week, completing a stunning recovery in the betting markets.

"In August, Trump had the worst odds for re-election of any sitting President in history and defeat to Biden was looking increasingly likely," Darren Hughes, spokesperson at Flutter Entertainment unit Betfair Exchange, said.

A Reuters/Ipsos national opinion poll on Wednesday showed 40% of registered voters support Trump, compared with 47% who said they will vote for Biden.

Biden's lead is largely unchanged over the past three weeks, during which both parties held conventions to nominate their candidates Trump and Biden for the presidency. ($1 = 0.7484 pounds)