Overseas gamblers betting big money on 2016 U.S. presidential election

(WAVY) — It’s illegal to bet on presidential elections in the United States. But overseas, gambling on U.S. presidential elections is big business.

Old Dominion University political scientist Joshua Singher said more than $1.5 billion was bet on the 2012 election — that’s the highest stakes ever placed on any event throughout history.

Singher says the 2016 presidential election is expected to top that number with more than $2 billion on the line.

Perhaps even more interesting: Zingher says gambling markets are often more reliable predictors than public opinion polls. He expects that to be the case with the outcome of this year’s election as well.