thepossum, on 2020-November-03, 21:48, said:
shyams, on 2020-November-03, 21:11, said:
According to betting markets, Trump is currently 80% likely to be reelected.
Which begs the question why Trump was around $3 just a few hours ago
An interesting question; so I looked at the timeline. When you made your initial post of $2.88, the voting process was still under way and no new information other than the opinion polls was available. In the hours that followed, the opinion-poll based estimation was being replaced by much better information in terms of actual count (often with a county-by-county level granularity). This should have moved the price to a more accurate estimate of likely final outcome.
However, this election looks like an unusual one. The 80% probability I quoted some three hours ago has now whittled away. I had a quick look and prices now indicate Trump to have a 56% chance. It also looks like a messy election outcome, in that the election could remain undecided for another 24 - 48 hours (or even longer).