President Joe Biden Drops Out, Donald Trump Remains Betting Favorite Against Kamala Harris

Posted on: July 21, 2024, 02:23h. 

Last updated on: July 22, 2024, 09:57h.

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President Joe Biden dropped out of the 2024 presidential race on Sunday following calls from Democratic leaders, including former President Barack Obama, Senate Majority Leader Chuck Schumer (D-New York), and Rep. Adam Schiff (D-California), among many others, for him to step down.

Joe Biden Kamala Harris 2024 odds
President Joe Biden walks with Vice President Kamala Harris outside the White House in a file photo. Biden announced Sunday, July 21, 2024, that he was dropping out of the presidential race and endorsing his right-hand woman for his job. (Image: X)

Biden formally ended his presidential reelection campaign on Sunday while continuing to recover from COVID-19 from his Rehoboth Beach house in Delaware. The 81-year-old’s decision comes after a disastrous debate performance against former President Donald Trump and mounting doubts about his mental and physical fitness for the office.

My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term,” Biden wrote on X.

“My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best decision I’ve made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year,” the president’s statement continued.

“Democrats — it’s time to come together and beat Trump. Let’s do this,” Biden concluded.

2024 Odds Move?

Following the unprecedented announcement marking the first time in US history that a major party’s presidential nominee declined to run, political bettors took steep stakes on Harris making her own history by becoming the country’s first female president.

On political betting exchanges, Harris’ stock of winning the November 5 election surged 10% to implied odds of 36%. Biden’s exit hurts Trump in the eyes of some bettors, as his shares declined a few cents to implied odds of 62%.

In the UK, where oddsmakers are permitted to take bets on political outcomes, something that’s prohibited in every legal sports betting state in the US, bookmakers kept Trump at -200 but shortened Harris from +300 to +200.

Before rumors circulated late last week that Biden was developing his exit plan with his closest advisors, Harris was at +500.

Biden plans to serve out the remainder of his term. His fellow supporters praised the president’s decision.

“He once again put his country, his party, and our future first,” said Schumer. “Joe, today shows you are a true patriot and great American.”

Biden said serving as president “has been the greatest honor of my life” and planned to win reelection but now believes “it is in the best interests of my party and the country for me to stand down.”

Recent polling suggests Trump and Harris both have negative approval ratings.

Trump Response, VP odds

Trump, of course, weighed in on Biden’s withdrawal.

[Biden] only attained the position of President by lies, Fake News, and not leaving his Basement. All those around him, including his Doctor and the Media, knew that he wasn’t capable of being President, and he wasn’t — And now, look what he’s done to our Country, with millions of people coming across our Border, totally unchecked and unvetted, many from prisons, mental institutions, and record numbers of terrorists,” Trump wrote on his Truth Social medial platform.

As for who will be Harris’ running mate, the odds favor California Gov. Gavin Newsom (+1400), with former First Lady Michelle Obama and Michigan Gov. Gretchen Whitmer at +1600.