(NEWSnet) — Sports betting is a big business. Election betting is giving it a run for its money.

The leading name in the space is PredictIt, which allows users to invest or bet based on who users think will run a certain race.

Predictit data shows that Republicans are more likely to take control of the house and senate than Democrats.

That is in line with typical historical trends. Usually, a given president’s party does not do well in midterm elections.

Predictit data shows that Democrats are likely to win gubernatorial races in New York, New Mexico, and Pennsylvania, and Republicans will likely win in Texas, Florida, Nevada and Ohio.

There are limitations. Betting data is not necessarily the most reliable because you can bet on any race even if you are not a voter in that state.

Meanwhile, Kalshi, a futures trading platform that allows users to bet on real-world outcomes made a bid for rights to allow bids on the election.

Federal officials are not keen on the business model. Earlier this year, The Commodity Futures Trading Commission moved to shut down PredictIt on February 15, 2023.

The agency has also recommended that its board reject Kalshi’s request to allow bidding on the midterm election only days before.