Former President Trump, the Republican presidential nominee, has gained a significant edge in election betting odds in recent weeks, offering Americans a new way to speculate about what might unfold on Election Day.

"More than two billion dollars have already been wagered on the election," Maxim Lott, who manages ElectionBettingOdds.com, told Fox News Digital.

His comments come as Lott’s site, which aggregates data from five different betting platforms to provide an average, indicates that Trump has a 58.5% chance of winning the presidential election as of Monday.

Lott’s website isn’t the only one monitoring betting odds; RealClearPolitics, known for its polling averages, has also entered the mix.

Similar to ElectionBettingOdds.com, the RealClearPolitics betting average shows Trump as the frontrunner, with a 59% chance of victory as of Monday.

Trump’s odds have surged over the past few weeks, especially considering that his Democratic opponent, Vice President Harris, was the favored candidate on RealClearPolitics as recently as October 4. However, Trump took the lead the following day and has maintained it, ultimately enjoying a nearly 20 percentage-point advantage as of Monday.

According to Lott, examining betting averages provides a clearer picture of the most likely election outcome compared to analyzing polls.

"These figures are quite accurate; they surpass the reliability of polls or listening to pundits," Lott stated.

"[Bettors] consider a wide range of historical data and trends," he added. "I find the percentages to be more informative than polls."