• Sun. Feb 28th, 2021

Billionaire Denies Backing Bid to Overturn US Election After Providing $100M Bets on End result

BySpeed Casino

Jan 20, 2021

Posted on: January 19, 2021, 02:08h. 
Final up to date on: January 19, 2021, 02:21h.

Philip Conneller Learn Extra

A billionaire choices dealer whose donations helped fund the failed motion to overturn the US election outcomes owns an organization that allegedly supplied to match bets of as much as $100 million on the presidential race.

Jeffrey Yass exhibits off his poker expertise on the 2013 WSOP. (Picture: PokerNews)

Jeffrey Yass is without doubt one of the founders of the Pennsylvania-based quantitative buying and selling agency Susquehanna Worldwide Group (SIG). In October, an nameless supply informed Bloomberg the corporate was pitching the mammoth election bets to US hedge funds.
Quantitative merchants use pc algorithms and sophisticated mathematical fashions to determine and capitalize on buying and selling alternatives. SIG is a giant deal within the choices and the exchange-traded fund market.
Yass and his firm extremely worth the statistical evaluation concerned in playing. SIG has its personal poker weblog – a sport it encourages staff to check and play – and it additionally has a sports activities betting analytics agency based mostly in Eire.
Membership for Development
However Yass, together with ultra-conservative transport magnate Richard Uihlein, is without doubt one of the greatest monetary donors to Membership for Development, a right-wing billionaires’ anti-tax marketing campaign that falsely claims the election was “stolen.”

Membership for Development supported renegade Republicans like Senators Ted Cruz (R-Texas) and Josh Hawley (R-Missouri) of their bid to problem the election outcomes. In 2020, Yass gave greater than $20 million to Membership for Development.

In response to The Guardian, Yass and Uihlein have stored decrease profiles than different Republican megadonors, such because the late Sheldon Adelson. However they’ve quietly reworked a “historically anti-regulatory and anti-tax pro-business strain group into one which backs a number of the most radical and anti-democratic Republican lawmakers in Congress.”
Did Anybody Take SIG Wager?
It’s not identified what number of — if anybody — took up SIG’s wager proposal. Bloomberg reported that “few [had] gotten concerned.” Nonetheless, it’s unlikely that SIG had bets of something near a $100 million driving on the election, as a result of we most likely would have heard about it.
In response to the Bloomberg piece, SIG was not providing to take bets itself. It was proposing to match wagers positioned by way of business betting exchanges within the UK through its Dublin affiliate, since it’s unlawful to take bets on political occasions within the US.
Main political occasions present the playing business with a advertising platform, and publicizing the largest bets will assure them free column inches in nationwide newspapers, publicity that’s troublesome to return by underneath regular circumstances.

The world’s greatest betting trade, Betfair, mentioned a complete of £600 million ($793 million) was traded on the election through its platform. The largest wager it witnessed was $1.3 million on Biden to win, which yielded a payout of $2 million.

There have been stories of a $5 million wager on Trump, however this was positioned through a personal bookmaker in Curacao.
Yass or No?
SIG failed to reply when contacted by On line casino.org about this story final Friday. Nonetheless, Yass was emailed straight by a long-time affiliate, the Philadelphia-based journalist Laura Goldman, for his response to The Guardian story. Yass mentioned he had not given any cash to Membership for Development in a 12 months. He additionally mentioned he didn’t imagine the US election had been stolen.
However based on Goldman, he refused to say whether or not he had requested Membership for Development to cease making false claims in regards to the end result, or whether or not he would chorus from making donations to lawmakers like Hawley and Cruz sooner or later.
In response to public data, on November 10, 2020, Yass gave $2.5 million to the Shield Freedom Pac — a company that continues to disclaim the election outcomes — per week after the ballots closed.

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