One person in the United Kingdom is expecting a massive payout after betting £1 million (US$1.3 million) that Joe Biden would win the United States presidential election.

The bet was

placed on October 29, days before the November 3 election. The bettor is

expected to collect £540,000 (US$710,000) profit and original stake on the bet that

was placed on Betfair Exchange, the world’s largest online betting exchange.

However, the

bettor will have to wait a while to collect the winnings.

“We

will only settle the markets when there is certainty around which candidate has

the most projected Electoral College votes,” Betfair said on its website last

Friday.

“Before

settling the markets, we must therefore wait for clarity around ongoing vote

counts, recounts and any potential legal challenges to the results.”

Ballots are

still being counted in the US following a very tight election. Projections, so

far, say that Biden has secured 279 of the 538 Electoral College votes to 214

for Donald Trump.

Trump is yet

to concede to Biden, and he has been challenging the results of the election.