WOW! Kamala Harris Now the Massive Betting Favorite to Be Dem Nominee, As Biden’s Odds Plummet (UPDATE)

(AP Photo/Susan Walsh)

Vice President Kamala Harris overtook President Joe Biden as the favorite to represent the Democratic party in the 2024 presidential election in one major betting market.

At approximately 8:00 a.m. ET Wednesday, PredictIt — a political wagering website — offered shares of Kamala Harris as the winner of the 2024 Democratic presidential nomination at $0.40, while offering Joe Biden shares at $0.39. (Shares cash out at $1.00 for the winner of the nomination.)

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The market has been highly active throughout Wednesday morning. And as of the publication of this story, President Biden has reclaimed favorite status by $0.01. But the odds provide a stunning snapshot of the president’s current status — as bettors now regard Biden as no better than a coin flip to actually accept his party’s nomination on Aug. 22 in Chicago.

Even if he should he remain atop the 2024 Democratic ticket, the odds for President Biden are even more grim in the general election. ElectionBettingOdds — a site which tracks odds across multiple betting markets — shows Biden just a 14.9 percent chance to win reelection. That makes him nearly a 6-1 underdog against Trump. (He has been a slight underdog through much of the race.) Harris offers bettors roughly the same odds — as the site rates her a 14.2 percent chance of winning the general election. On the GOP side, the site pegs Trump’s chances at 58.2 percent.

UPDATE (11:25 a.m.) — Kamala Harris shares have now skyrocketed to $0.52 overtaking shares for Biden, which plummeted to $0.30. The seismic odds shift happened within minutes of a blockbuster report from The New York Times that stated Biden had reportedly told a key ally that he was considering dropping out of the race if he is unable to get his campaign back on course and reassure voters that he is still fit to serve another term as president.