'The market could reach £400-500 million' - US election takes Betfair by storm

The top five races with the highest turnover on Betfair have been revealed – but all are dwarfed by the record-breaking US presidential election.

This outcome of the battle between Donald Trump and Joe Biden is likely to have lasting ramifications across the world, but it has already left a historic mark after Betfair's 'Next President' market broke an all-time trading record.

Over £200 million turnover has been matched on the Betfair Exchange, surpassing the previous record volume traded, which was £199,232,592 on the previous US election in 2016 when Trump defeated Hillary Clinton to become 45th US President.

Matthew Engel on the US election: analysis, betting predictions and free tips

Black Caviar's success in the Diamond Jubilee Stakes at Royal Ascot in 2012 holds the record for volume traded in racing at £13,703,939.

Barry Orr, head of racing PR at Betfair, said: "This is the most that has ever been matched in Betfair's 20-year history. It's something that's going to continue to grow bigger and bigger when you think of the last record that was set by the previous US general election.

"This is more than this year's Super Bowl, the 2019 Grand National, Mayweather vs McGregor and the 2018 World Cup final combined."

Donald Trump: will find out his election fate next weekCredit: John Locher

With election day not until Tuesday, Orr believes that there is every chance turnover could potentially double if history repeats itself from the final days leading up to the 2016 election.

"It could really do it because when you look at the numbers of what was traded in the last couple of days, 43 and a half per cent of the volume of betting on the 2016 US election came in the final few days," he added.

"You could be looking at a market that could potentially reach £400 or £500 million."

Racing has yet to break into the top 10 markets in Betfair history, with the other eight places dominated by cricket matches.

Black Caviar's Diamond Jubilee remains clear by just under £2m in the top five racing markets, with the 2010 Cheltenham Gold Cup won by Imperial Commander next in line after £11,727,539 was traded.

Racing's top five Betfair markets

Diamond Jubilee Stakes 2012 £13.7m
Australian sprinting ace Black Caviar attracted all the attention on her visit to Royal Ascot in 2012, with a whopping £13.7m traded. She was sent off a 1-6 shot but gave punters a few anxious moment as she held off Moonlight Cloud by a head.

Cheltenham Gold Cup 2010 £11.7m
It is no surprise the 2010 Gold Cup was a heavily supported contest with Kauto Star and Denman in the line-up. But 2010 was the year of Imperial Commander, who triumphed at 7-1.

Imperial Commander: won the Cheltenham Gold Cup in 2010Credit: Edward Whitaker

Grand National 2012 £11.7m
The National is always a highly popular event and in 2012 it attracted £11.7m. It was the year of Neptune Collonges, who bravely fought off Sunnyhillboy at 33-1.

Champion Hurdle 2012 £11.5m
Reigning Champion Hurdler Hurricane Fly was sent off 4-6 but failed to sparkle in a race where Rock On Ruby powered clear for Paul Nicholls and Noel Fehily to cause an 11-1 upset.

Cheltenham Gold Cup 2014 £11.2m
With top-class chasers Bob's Worth and Silviniaco Conti in the line-up, the 2014 Gold Cup looked a real treat. But it was the previous year's RSA Chase winner Lord Windermere who came out on top at 20-1.

Did you know you can bet with your online bookmaker without leaving the Racing Post app? Simply sign in to your existing bookmaker account via the accounts button and tap the odds buttons on a racecard to place bets