Joe Biden's Chances of Winning 2024 Democratic Nomination Slipping

The chances of President Joe Biden winning the 2024 Democratic presidential nomination have begun to decline, according to the latest odds from bookmakers.

Additionally, new polling has suggested Democrats are losing confidence in Biden as a candidate and that other Democratic candidates would pose a greater challenge to any potential Republican candidates.

This comes as Biden's approval rating has taken a significant hit amid an economic crisis. His ratings indicate that Biden is less popular than former President Donald Trump was during the Russia investigation, which looked into allegations that Trump's team had colluded with Russia to interfere in the 2016 election.

According to a CNN poll, 75 percent of Democrat and Democratic-leaning voters want to see the Democrats nominate a candidate other than Biden for the 2024 presidential election.

Twenty-four percent of respondents who said they were Democrats or Democratic-leaning voters said they thought the party should seek another nominee because they don't think Biden can win in 2024. That is an increase from polling in January and February when 18 percent of respondents said they thought Biden couldn't win a second term.

According to the poll, 32 percent of voters said they wanted a new nominee because they didn't want to see a second term for Biden, doubling the 16 percent of respondents from the beginning of the year.

Twenty-five percent of respondents said they wanted to see Biden win the 2024 Democratic nomination, which is significantly lower than the 45 percent of respondents that supported Biden as the 2024 nominee earlier this year.

Joe Biden
President Joe Biden is no longer the favorite to win the 2024 Democratic nomination according to the latest odds from bookmakers. Mandel Ngan/Getty

A number of potential candidates for the Democratic nomination have been touted as being a greater challenge to a Republican candidate than Joe Biden, according to polling from conservatives.

Attendees at last weekend's conservative Turning Point USA Student Action Summit were asked about potential candidates in a straw poll.

Just over 30 percent of attendees said California Governor Gavin Newsom would be the most formidable Democratic candidate while Michelle Obama came in second place with 13.6 percent, according to the poll, which was first reported by Fox News.

Hillary Clinton ranked third with 10.5 percent of attendees believing she'd be the top Democrat to beat while Vermont Senator Bernie Sanders came in fourth at 10.3 percent. Nearly 8 percent of those surveyed selected Vice President Kamala Harris, and only 4.4 percent said that Biden would be the toughest Democratic opponent for a GOP challenger.

Some Democrats have said that they believe Newsom is positioning himself to run for president in 2024.

Some Democrats believe that Newsom is positioning himself to run for president in 2024, as some in the party worry about the prospect of Biden running for re-election.

Maria Cardona, a veteran Democratic strategist, told Newsweek that the Democratic base is "hungry for someone who can actually do something, and governors many times are less hamstrung than members of Congress, senators and presidents."

"Does that mean he'll run in 2024? Not necessarily, no one has said he would run if Biden runs, which is really smart," she added.

OddsChecker, a comparison website that shows the betting odds from multiple British bookmakers, has shown three bookmakers have the odds drifting for Biden.

In betting terms, shortening means something becoming more likely to happen whereas drifting means the odds of something are becoming less likely.

For Tuesday, oddsmaker SBK had the odds for Biden at 29/10 but on Wednesday they had shifted to 3, meaning there is a 75 percent chance he won't win while there is a 25 percent chance he will.

For Betfair, the odds for Biden yesterday were 14/5 but have since shifted to 3 as well.

For Smarkets, Biden's odds of 14/5, which indicates a 58.33 percent probability that Biden will win and a 41.67 probability that he won't, have remained the same but moved from shortening to drifting.

Newsweek has reached out to the White House for comment.