Over $165 million (in 2002 dollars) was wagered in one election, and betting activity at times dominated transactions in the stock exchanges on Wall Street.” Strumpf wrote, “Wagering on political outcomes have a long history in the United States. The Journal of Economic Perspectives looked at political betting in its Spring 2004 edition. Betting on these adds an extra level of excitement to election season. Today, many sports betting sites post odds about political races in the United States. There have been many stories of people betting on American politics for a very long time.
Betting on politics can be traced back to the first election for president in the United States.
