Bookies put Obama odds-on to retain presidency
Estimated £40m placed on election outcome " operators give 44th US president almost 80% chance of another four years in the White House.
Bookmakers are backing Barack Obama to retain his presidency this week, placing him as clear favourite to beat Republican opponent Mitt Romney in tomorrow’s election.
Despite recent polls suggesting the race for the White House is too close to call, bookies’ odds suggest the current president will prevail in the key swing states of Ohio and Iowa in order to win another four years.
Exchange operator Betfair has seen some £15.6m “ compared to £7.8m on the 2012 European Football Championships “ matched between customers in its ‘Next President’ market, and now gives Obama up to a 78% chance to win, the equivalent of 1-4.
Romney’s chance of winning has slid to 7-2 on the site, a price matched by most other bookmakers including William Hill and Paddy Power.
Meanwhile, Sporting Index estimates that a total of around £40m of bets have been placed so far on the election industry-wide, with 80% of those bets backing Romney, no doubt attracted by his lengthening price over the past seven days.
Indeed, Sporting Index makes Romney favourite to win more states than his opponent, but that figure has now dropped from a peak of 27 to 26, with Obama on track to win the remaining 24.
The spread betting operator said it saw a number of their big hitters back Romney immediately after the final debate, despite most people believing Obama ‘won’.
A Sporting Index spokesman said: “After a relentless flow of support for Romney, Obama appears to have turned the tide with his response to Superstorm Sandy. The East Coast has taken a battering over the past few days but the president’s arm round the shoulder of the nation might well lead to Romney looking for one to cry on come Tuesday.”
Betfair spokesperson James Midmer added: “Betfair customers have favoured Obama all the way through the campaign, and the support continues to come as election day draws near. Romney’s campaign sought to portray some momentum from a variety of polls in recent weeks, but when people are betting their money they tend to see the bigger picture and the markets have consistently told a different story”.