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Biden opens widest lead over Trump in online betting markets

Former Vice President Joe BidenJoe BidenBiden's quiet diplomacy under pressure as Israel-Hamas fighting intensifies Overnight Defense: Administration approves 5M arms sale to Israel | Biden backs ceasefire in call with Netanyahu | Military sexual assault reform push reaches turning point CDC mask update sparks confusion, opposition MORE has opened up his widest lead yet over President TrumpDonald TrumpGOP-led Maricopa County board decries election recount a 'sham' Analysis: Arpaio immigration patrol lawsuit to cost Arizona county at least 2 million Conservatives launch 'anti-cancel culture' advocacy organization MORE in two top online betting markets.

Biden is now favored to win the 2020 election on both PredictIt and Smarkets, two of the highest-trafficked online betting sites based in the U.K. and New Zealand, respectively. Biden is favored 53 percent to Trump's 47 percent on PredictIt and sits at 50 percent to Trump's 43 percent on Smarkets.

The new standing represents a surge for Biden, who sat behind Trump on both platforms as recently as last week, according to CNBC.

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His rise comes as cities around the country have been engulfed by protests over the death of George Floyd, an unarmed black man who died in Minneapolis police custody. Biden's lead on both sites is now the highest it's been since March, when he became the presumptive Democratic nominee.

“Nationwide protests in the wake of George Floyd’s killing and Trump’s response have seemingly had wide-reaching consequences for the 2020 election,” a political analyst with Smarkets told CNBC.

Betting markets received a massive shock in 2016 with Trump's defeat of Hillary ClintonHillary Diane Rodham ClintonThe curious case of the COVID-19 origin Harris headlining Asian American Democratic PAC's summit Congress won't end the wars, so states must MORE, the Democratic nominee, who was widely favored to win in both conventional polling and on online betting sites. One betting site, PaddyPower, even began paying out winnings to bettors who wagered Clinton would win in October, a month before her defeat.

Biden currently has an 8-point lead over Trump in a RealClearPolitics average of polls.

A poll released Wednesday found the former vice president and Trump within just a few percentage points of each other in several key battleground states, including Florida, Arizona and Michigan, all seen as key to the president's reelection chances.