Biden's odds of re-election plummet after dismal debate performance

President Biden's disastrous debate performance devastated his chances of re-election, according to betting markets.

Following the 81-year-old's meandering matchup with former President Donald Trump on Thursday night, Biden's odds of a second term in the White House plummeted an average of 13 percent.

According to polling aggregator RealClearPolling, which tracks a number of betting markets, Biden now stands with just a 22.2 percent chance of re-election, compared to Trump's 54.8 percent.

Biden stood at 35 percent before his feeble performance on the debate stage, with speculation now falling on whether Democrats could look to replace him at the top of the ticket before November.

Betting markets showed President Biden's disastrous debate performance on Thursday night devastated his chances of re-election

Former President Trump was seen by many as having won the debate with energy and vigor, even as a number of his lies and mistruths went unchecked

Former President Trump was seen by many as having won the debate with energy and vigor, even as a number of his lies and mistruths went unchecked as some complained about a lack of fact checking from hosts CNN.

RealClear's aggregator has Trump easily beating Biden in a number of markets, with the president's worst odds coming from Betfair - at just 16 percent.

Talk of replacing Biden as the Democratic nominee has seen California Governor Gavin Newsom's name floated, with PredictIt now offering Newsom a 14 percent chance of beating Trump in November.

PredictIt allows users to buy stock in a candidate's odds, and evidenced Biden's sharp decline on Thursday night as his stock value dropped from 48 cents a share - a 48 percent chance of winning - down to 26 after.

Biden's best showing in the betting markets was with Smarkets, which offered him a 31 percent chance of retaking the White House - still 20 points behind Trump.

And at BetOnline - where Biden's odds dropped from +130 to +300 overnight - the company said it received a flurry of bets placed on potential replacements for Biden on the Democrat ticket.

'We just kept taking bets over and over again on Gavin Newsom and Michelle Obama,' BetOnline political oddsmaker Paul Krishnamurty told the New York Post.

California Governor Gavin Newsom (pictured speaking to the press Thursday after the debate) saw his odds of replacing Biden on the Democratic ticket soar overnight

Former First Lady Michelle Obama has repeatedly been floated as a potential presidential candidate, even as she consistently says she has no interest returning to the White House

Newsom has come out behind Biden on numerous occasions during the campaign as one of the Democrats' top surrogates, where he has repeatedly said he does not wish to replace him in the White House.

In the spin room on Thursday night after the debate, Newsom insisted that he 'will never turn my back on President Biden', and claimed he doesn't 'know a Democrat in my party that would do so.'

After a reporter shouted: 'Governor, are you ready to replace Joe Biden if you're asked?', Newsom responded that he was 'very proud of the president.'

'So from my humble perspective, this is not about style. This is about delivering results for the American people,' he said, adding that challenging Trump is a 'non sequitur.'

Former First Lady Michelle Obama's name has also come up numerous times in recent years as a potential presidential candidate, however she has consistently said she has no interest in returning to the White House.

As Democrats reel from Biden's fumbling performance, senior leaders within the party are reported to be having conversations about whether or not Biden should continue his run for president.

While Vice President Kamala Harris is seen by many as the heir to the Democratic Party, her own unpopularity among voters means she would not be a guarantee if Biden drops out.

To be replaced, Biden would be forced to voluntarily step aside, as he already has enough delegates to win the nomination at the DNC Convention.

Under party rules, delegates allocated to a candidate based on their primary wins are bound to their candidate on the first ballot at the convention. And that first ballot usually ends up in a nominee.

So legally Biden's delegates have to vote for him.

However, if Biden were to drop out that would mean the nomination would be decided on the floor of the convention, where his delegates would become 'uncommitted' and able to vote for any candidate they liked.

But it doesn't sound like Biden is entertaining that option. He defended his debate performance as 'well' and dismissed calls for his departure from the race.

Biden, along with wife Jill, stopped at a Waffle House in Atlanta to pick up some food for the plane ride to Raleigh, N.C., where they have a campaign event on Friday.

'I think we did well,' Biden told the press traveling with him.

When asked about the calls to drop out and whether he has any concerns about his performance, Biden said: ;No. It’s hard to debate a liar. The New York Times pointed out he lied 26 times.'

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