Americans may not be betting on Michael Bloomberg yet, but betting markets still think he's got a chance.

The former New York City mayor has totally leapfrogged former Vice President Joe Biden in an average of betting markets, RealClearPolitics' average shows. Bloomberg has a 19 percent chance of winning, per ElectionBettingOdds.com, while PredictIt's betting market gives Bloomberg a 23-cent "yes" price to Sen. Bernie Sanders' (I-Vt.) 43 cents.

Bloomberg's rise coincides with a major drop in Biden's betting chances, likely stemming from the former vice president's dismal performance in Monday's Iowa caucuses. Even former South Bend, Indiana, Mayor Pete Buttigieg has come close to surpassing Biden in RealClearPolitics' average, and he did so decisively on PredictIt. Still, ElectionBettingOdds.com has President Trump with the best chance of winning the whole election this fall, giving him a 59.5 percent chance to Sanders' 14.8 percent and Bloomberg's 10 percent.

The Biden drop was also good news for Sanders. He surpassed Biden on the betting markets in late January, and is now far and away the top candidate to win the Democratic nomination. Sanders, and according to RealClearPolitics' betting markets average, no top-ranking candidate has put that much space between themselves and second place since Sen. Elizabeth Warren's (D-Mass.) bump in October of last year.

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