• Fri. Jul 23rd, 2021

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


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 provided 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 among the founders of the Pennsylvania-based quantitative buying and selling agency Susquehanna Worldwide Group (SIG). In October, an nameless supply instructed Bloomberg the corporate was pitching the mammoth election bets to US hedge funds.
Quantitative merchants use laptop algorithms and complicated 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 primarily based in Eire.
Membership for Progress
However Yass, together with ultra-conservative delivery magnate Richard Uihlein, is among the largest monetary donors to Membership for Progress, a right-wing billionaires’ anti-tax marketing campaign that falsely claims the election was “stolen.”

Membership for Progress 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 Progress.

In keeping with The Guardian, Yass and Uihlein have saved 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 among the most radical and anti-democratic Republican lawmakers in Congress.”
Did Anybody Take SIG Wager?
It isn’t recognized 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 using on the election, as a result of we most likely would have heard about it.
In keeping with the Bloomberg piece, SIG was not providing to take bets itself. It was proposing to match wagers positioned by 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 trade with a advertising and marketing platform, and publicizing the largest bets will assure them free column inches in nationwide newspapers, publicity that’s tough to return by below regular circumstances.

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

There have been reviews of a $5 million bet 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 Progress in a 12 months. He additionally mentioned he didn’t consider the US election had been stolen.
However based on Goldman, he refused to say whether or not he had requested Membership for Progress 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 keeping with public data, on November 10, 2020, Yass gave $2.5 million to the Defend Freedom Pac — a company that continues to disclaim the election outcomes — every week after the ballots closed.

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