Barack Obama Stumps for Nevada Gov. Steve Sisolak, US Sen. Cortez Masto

Posted on: November 2, 2022, 09:21h. 

Last updated on: November 2, 2022, 11:15h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

Former President Barack Obama hit the campaign trail this week in Las Vegas. He sought to rally the Democratic Party in Nevada behind its Governor Steve Sisolak and US Senator Catherine Cortez Masto.

Barack Obama Las Vegas 2022 midterms election odds
Former President Barack Obama speaks during a Democratic Party campaign rally in North Las Vegas on Nov. 1, 2022. Democrats are expected to lose seats in Congress following the 2022 midterms. (Image: Las Vegas Review-Journal)

With only a handful of days remaining before the bulk of the vote is cast for the 2022 midterms, Obama took the stage at Cheyenne High School in North Las Vegas. He stressed the importance of the November 8 outcome. The 44th president of the United States said “Democracy is at stake,” and argued that a GOP-controlled Congress — and possibly White House come 2024 — would threaten abortion access nationwide and would hurt the middle class to the benefit of the wealthy.

Obama specifically said Republicans have the perpetual goal of lowering taxes for the upper class.

That’s their answer to everything. I’m not joking. Literally, it does not matter what’s going on. When inflation is low and unemployment is high? They want tax cuts. When it’s the reverse? Tax cuts. An asteroid headed towards Earth? They’d all get in the room and say, ‘You know what we need? Cut taxes for the wealthy.'”

Obama appeared in Nevada where Cortez Masto’s US Senate race has a good chance of being the so-called “51st vote,” the notion that the outcome could determine the power of the upper congressional chamber.

Red Wave Forming

Political observers have, for many months, been of the belief that the 2022 midterms will go in the GOP’s favor. And in the closing stretch of the election race, the momentum is seemingly with the Republicans.

Bettors on political wagering exchange PredictIt continue to put money behind Republicans. That’s especially true in Nevada, where Republican Adam Laxalt’s odds of ousting Cortez Masto from her seat in DC have only shortened over the past week.

Laxalt, Nevada’s former attorney general, is given a 74% chance of becoming the state’s next US Senator. Just a week ago, his implied odds were at only 63%. Three months ago, Laxalt was neck-and-neck with the incumbent.

Sisolak isn’t doing any better in his effort to serve another four-year term as Nevada’s chief executive. The former Clark County commissioner is trailing Clark County Sheriff and Metro Police boss Joe Lombardo in the gubernatorial race.

Lombardo is given a 78% chance of taking up residency in the Governor’s Mansion in Carson City. A month ago, Las Vegas’ top cop had only a 61% chance. And 90 days ago, political bettors had Lombardo as the underdog, with just a 43% likelihood of becoming governor.

The latest polls have Laxalt with a 1.9-point advantage and Lombardo ahead by 1.5 points. Both polling averages are within the presumed margin of error.

GOP Control

PredictIt bettors like the odds of the Republican Party taking control of both the US Senate and House.

PredictIt’s market asking traders to predict the balance of power in Congress following the 2022 midterms has a GOP-controlled Senate and House as the betting front-runner at 74%. A Republican House and Democratic Senate has the next-best odds at 25%.