President Joe Biden's re-election campaign has come to a premature end.
The 81-year-old incumbent made it official Sunday, withdrawing from the 2024 presidential race amid growing concerns from the majority of Democrat notables about his health and abilities to serve another four years.
Critics panned his performance in a televised debate with Donald Trump, as a result, the US presidential election odds markets widened the gap between Trump and Biden. In the aftermath, Biden dealt with calls from within his own party for him to step aside and questions of his health.
Just as those calls had started to calm down – with more Democratic support coming out publicly for Biden to remain in the race – Biden was dealt another setback after testing positive for COVID-19 for the third time. The development forced Biden to end his campaign trip to Las Vegas and return to his Delaware home to rest and recover.
With Biden now out of the race – and fully backing Vice President Kamala Harris in his stead – there's a new pecking order atop the odds board.
Joe Biden fast facts
| Date of birth | November 20, 1942 |
| Place of birth | Scranton, PA |
| Residence | Washington, DC |
| Political affiliation | Democratic Party |
| Net worth | $10 million USD |
| Education | University of Delaware (1961-65); Syracuse University (1965-68) |
2024 presidential election betting odds
| Candidate | Odds to win 2024 US election at  |
Implied probability |
|---|---|---|
 Donald Trump |
-175 | 63.6% |
 Kamala Harris |
+137 | 42.1% |
| Michelle Obama |
+4,000 | 2.4% |
| Hillary Clinton |
+5,000 | 1.9% |
 Robert Kennedy Jr. |
+5,000 | 1.9% |
| JD Vance |
+6,600 | 1.5% |
| Gavin Newsom |
+10,000 | 1% |
| Mark Kelly |
+15,000 | 0.7% |
| Gretchen Whitmer |
+20,000 | 0.5% |
| Josh Shapiro |
+20,000 | 0.5% |
| Wes Moore |
+20,000 | 0.5% |
| Nikki Haley |
+20,000 | 0.5% |
| John Fetterman |
+20,000 | 0.5% |
| J.B. Pritzker |
+20,000 | 0.5% |
| Pete Buttigieg |
+20,000 | 0.5% |
| Bernie Sanders |
+20,000 | 0.5% |
| Joe Manchin |
+20,000 | 0.5% |
| Jamie Dimon |
+30,000 | 0.3% |
| Elizabeth Warren |
+30,000 | 0.3% |
| Alexandria Ocasio-Cortez |
+30,000 | 0.3% |
| Josh Hawley |
+30,000 | 0.3% |
| Oprah Winfrey |
+30,000 | 0.3% |
| Mark Cuban |
+30,000 | 0.3% |
| John Kerry |
+30,000 | 0.3% |
| Thomas Massie |
+30,000 | 0.3% |
Odds courtesy of bet365 as of July 26, 2024. Implied probability in betting is the likelihood of an event occurring as inferred from the odds offered by a sportsbook or the market.
Prominent democrats wanted Biden to step down
Axios reported throughout the week that "several party congressional leaders and close friends" of Biden had strongly encouraged the president to step aside in favor of a younger and more vibrant candidate. These unnamed sources insisted the Democrats had little to no chance of defeating Donald Trump if the 81-year-old POTUS remained at the helm.
Biden heeded that advice, penning a letter released Sunday in which he revealed that he would step aside.
“It has been the greatest honor of my life to serve as your President,” Biden said. “And 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 to focus solely on fulfilling my duties as President for the remainder of my term.”
Public perception of Biden has hit an all-time low
Biden is currently hindered by the lowest approval ratings of his administration, as his favorability stands at just 37% in the Gallup poll (three percentage points lower than Trump’s ratings at the same point in The Donald’s term). Biden’s net presidential job approval remains underwater—persistently below 50%.
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2024 presidential election Democratic candidate odds
| Nomination Winner | |
Implied probability |
|---|---|---|
| Kamala Harris | -10,000 | 99% |
| Michelle Obama | +3,300 | 2.9% |
| Hillary Clinton | +4,000 | 2.4% |
| Gavin Newsom | +8,000 | 1.2% |
| Gretchen Whitmer | +15,000 | 0.7% |
Odds courtesy of bet365 as of July 26, 2024.
Harris is the colossal odds-on favorite in Biden's absence, and his endorsement of her for party nominee should keep her in this range until next month's Democratic National Convention. The attention now shifts to the vice president odds, which have Mark Kelly of Arizona (+150) slightly ahead of Pennsylvania governor (+225).
