Following a poor showing at Iowa in the initial primary on February 2nd the odds for Donald Trump to win rose as high as 6/1.
The tables have turned once more however after the businessman turned politician stormed the Republican primary at New Hampshire on February 9th with a landslide victory.
Ted Cruz enjoyed an unexpected victory at Iowa but is now priced at 9/2 to win the Republican candidacy. Marco Rubio is now in second place with Jeb Bush lagging behind in fourth.
Betfair noted that over £1.3 million traded has been traded on this market, which is notably higher than the amount staked on the democratic nominations outcome which has seen £1 million placed so far.
Naomi Totten, Spokeswoman for Betfair, said: “The Republican Nominee market has been the tightest betting heat in the US Election markets so far. Donald Trump drifted hugely after coming second in Iowa but his success in New Hampshire has seen him come in again to 2.48 favourite. Marco Rubio saw a rise in support after the first caucus reaching a low of 1.51 for Republican nominee and 3.95 in the Next president market at the end of last week.”
She added: “On the other side of the presidential race, Bernie Sanders has been quietly gaining momentum in the Democratic nominee market and is now 5.2 having hit his shortest price yet of 4.3 after New Hampshire on Tuesday night. Although not a drastic change, Sanders is at this point the only candidate presenting a challenge to 1.29 favourite Hilary Clinton as he continues to edge his way towards the top spot one primary victory at a time. Next up is South Carolina then the Navada Caucus where Trump is again favourite for the Republicans.”
Bernie Sanders took a decisive victory over Clinton in New Hampshire and is now trading at 4/1 having previously hit a low of 3/1. Hillary Clinton remains unmoved in the market for the next president, at odds of evens with Betfair. Over £2.6 million has been staked on this market to date.