Bookmakers in the United States gave former president and Republican candidate Donald Trump a 64% chance of winning the elections, based on bets placed on the Polymarket betting platform. Meanwhile, Vice President Kamala Harris' odds stood at 29%.

According to UK betting aggregator Oddschecker, Harris transpired as the frontrunner for the Democratic nomination at the Democratic National Convention, with her chances rising from 56% to 86%. Following her are California Governor Gavin Newsom at 7% and Michelle Obama, the wife of former US President Barack Obama, at 6%.

The Democratic National Convention is scheduled to be held in Chicago from August 19 to 22. It is where Democratic delegates will formally nominate their candidate to challenge Trump in the election on November 5.

This comes after incumbent President Joe Biden announced that he was dropping out of the presidential race on Sunday.

"While it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and focus solely on fulfilling my duties as President for the remainder of my term," Biden stated in a statement posted on X.

Biden consequently endorsed Harris, garnering criticism from Trump's campaign. 

"Harris will be even worse for the people of our nation than Joe Biden. Harris has been the Enabler in Chief for Crooked Joe this entire time. They own each other's records, and there is no distance between the two," the campaign said in a statement.

The Republican camp was swift to denounce both Harris and Biden, with House Speaker Mike Johnson, for example, stressing that Biden must resign as President "immediately".

"If Joe Biden is not fit to run for president, he is not fit to serve as president. He must resign the office immediately. November 5 cannot arrive soon enough," said Johnson.

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