Donald Trump is the favorite to win the presidential election in 2024, according to one bookmaker.

Per Newsweek, the 75-year-old is apparently leading the way of potential Republican nominees and is even ahead of the current incumbent US President Joe Biden.

According to BetOnline, the current odds have Trump standing at 11-4 on to win, with Biden at 13-4 and the sitting Vice President Kamala Harris back in third at 5-1.

In the Republican field, Governor Ron DeSantis is at 10-1 and Mike Pence is all the way at the back with odds of 20-1.

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Speaking to Newsweek, BetOnline political oddsmaker, Paul Krishnamurty, explained how they came to putting Trump out in front.

"Biden's approval rating is falling, and it looks less likely than ever that he will be able to get his agenda through Congress," he said.

"A defeat at the mid-terms (70 percent likely) would further tie his hands and likely make for a very uncomfortable couple of years after 2022. It's hard to see his brand being as strong the second time around. Running again, aged 81, may make little sense."

"Harris meanwhile isn't cutting through as VP or a viable alternative. Thus the Democrats look set to have a weak hand in 2024," he added.

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He went on: "While Trump may well still be indicted, the longer authorities wait, the more it will appear politically motivated and the more likely to get tied up in legal delays.

"It isn't clear that the Jan. 6 Commission will deliver either. The effect may 'detoxify' Trump and the issue itself. "Finally, no serious challenge is emerging to Trump. Liz Cheney looks likely to lose in Wyoming, and therefore deter others from taking him on.

"The nomination appears to be Trump's for the taking. But 2024 is probably still a tossup, like most presidential races of recent times."

While Trump may be ahead of other candidates when it comes to bookmakers, the former POTUS hasn't officially announced a 2024 presidency bid yet, despite teasing it several times.

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Most recently, Trump visited Iowa on October 9, for a campaign-style rally at Iowa State Fairgrounds in the capital Des Moines.

Speaking to an audience of thousands, the former president gave perhaps his clearest signal yet that he intends to run in 2024, The Times reports.

Despite not having officially announced his candidacy yet, Trump teased a future campaign's potential political slogan.

"Make America Great Again, Again," he told the crowd. "Because we already did it."

This refers to the former president's 2016 campaign slogan, "Make America Great Again," which is often seen on the iconic red hats of his supporters.

Per The Times, the new slogan, he said, is different from his 2020 slogan, "Keep America Great," because "America's not great now."

Featured image credit: The Photo Access / Alamy

Donald Trump is bookmakers favorite to win 2024 US Presidential election