DeSantis overtakes Trump in 2024 betting markets as midterm election results pour in

The 2022 midterm election results are rolling in, and like it or not, betting markets are already turning an eye toward the 2024 race for the White House.

Votes were still being counted Tuesday night when Florida Gov. Ron DeSantis' landslide election win sent shock waves through election speculators, catapulting the governor past former President Donald Trump to the top of the betting odds. 

"Incredible shift in the odds for President in 2024! @RonDeSantisFL overtook Trump for the first time," said Maxim Lott, co-founder of the website electionbettingodds.com. 

Lott's website averages live odds pulled from numerous election betting markets. The website now gives DeSantis a 26.8% chance of winning the presidency in 2024, representing a 11.8% shift of the odds in his favor in just the last day. Trump slid out of first place, falling to 18.4% odds of retaking the White House.

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President Biden stands at 15% betting odds to win re-election, and other long-shot candidates rank in the single-digits.

Lott attributed the significant shift toward DeSantis to his dominant re-election performance, defeating Democratic candidate Charlie Crist by nearly 19 points. 

The Florida governor overtook Trump "because DeSantis just won a swing state with a crazy 20% margin. For comparison, he won his race in 2018 by just 0.4%," Lott said. 

Lott has previously told Fox News that his website was founded in 2015 with the belief that markets are the best predictor of what's going to happen because "they have an incentive to get it right." 

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Gamblers may be bullish on DeSantis because he vastly outperformed other Republicans running in 2022.

In fact, Tuesday's election results were disappointing for the GOP, with Democrats winning several key races and others remaining too close to call.

Losing performances from several pro-Trump candidates, including Don Bolduc in New Hampshire and Doug Mastriano and Mehmet Oz in Pennsylvania, prompted conservatives to lash out at Trump and blame him for boosting weak candidates in the primaries. Others anointed DeSantis as the de facto leader of the Republican Party, arguing his dominant election showing paints a path forward for the GOP. 

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Trump has been relentlessly hinting that he will launch his comeback campaign for the White House as soon as next week. To that end, he has thrown jabs at DeSantis, previewing the kind of attacks he would deploy if the Florida governor attempts a primary challenge in 2024. Trump debuted a nickname for DeSantis at a rally in Pennsylvania last week, calling him "Ron DeSanctimonious." Then, on the eve of the election, Trump made a vague threat to reveal information about DeSantis that could damage him if he runs. 

"If he did run, I will tell you things about him that won’t be very flattering. I know more about him than anybody other than perhaps his wife, who is really running his campaign," Trump told The Wall Street Journal in an interview published Tuesday.  

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DeSantis has so far ignored Trump's comments, instead celebrating his electoral victory as "a win for the ages."