Donald Trump now has a 51 percent chance of winning the GOP race

The odds of winning the Republican presidential primary are increasingly in Donald Trump's favor, according to the betting markets. For the first time Monday — the day of the Iowa caucuses — political prediction markets said Trump has an over 50 percent chance of winning the GOP nomination, The New York Times reports.

Trump's high odds overall can be attributed to his strong chances in early voting states. The real estate mogul has a 59 percent chance of winning Iowa Monday, a 69 percent chance of winning New Hampshire and Nevada, and a 70 percent chance of winning the South Carolina primary.

The market's second favorite, Florida Sen. Marco Rubio, lags far behind Trump with a 33 percent chance of snagging the nomination. Texas Sen. Ted Cruz, though expected to be Trump's main competition in Iowa, has an 8 percent chance, and Jeb Bush was only given a 6 percent chance of making it to the general election.

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