President Joe Biden's re-election campaign came to a premature end this summer.
The 81-year-old incumbent made it official on July 21, 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 out of the race – and fully backing Vice President Kamala Harris in his stead – the Democrats have gained ground on the odds board overall but their lead has slipped significantly as we enter the final stages of the campaign.
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 |
-188 | 65.2% |
 Kamala Harris |
+150 | 40% |
Odds courtesy of bet365 as of Oct. 23, 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 mid-July 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 on July 21 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's approval rating stands at just 39.9% in the latest FiveThirtyEight update. Biden’s net presidential job approval remains underwater—persistently below 50%.
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2024 presidential election Democratic candidate closing odds
| Nomination Winner | |
Implied probability |
|---|---|---|
| Kamala Harris | -10,000 | 99% |
| Michelle Obama | +3,300 | 2.9% |
| Hillary Clinton | +5,000 | 2% |
| Gavin Newsom | +10,000 | 1% |
| Gretchen Whitmer | +15,000 | 0.7% |
Harris announced in Philadelphia that she had formally accepted the Democratic presidential nomination, giving her just under two weeks to build more momentum heading into the Democratic National Convention. Harris has settled on her running mate, as well, with Minnesota Governor Tim Walz as the choice. Walz closed the vice president odds at bet365 as a -300 favorite, well ahead of runner-up Josh Shapiro of Pennsylvania (+225).
