Mitt Romney Drops Out of Presidential Race: Pays Out $375 for Every $100 Bet!

Among oddsmakers, Mitt Romney's chances of becoming the next US President had dropped into double digits earlier this month.  Following Super Tuesday, Romney had failed to secure enough votes for "front runner" status.  On Thursday, he announced his intention to bow out of the race.

Online gambling website, Sportsbook.com was paying $375 for every $100 bet if Romney were the first of the four remaining Republican Presidential candidates to drop out.  Both Mike Huckabee and Ron Paul were even favorites to drop out first heading into Super Tuesday. 

John McCain effectively sealed the Republican presidential nomination on Thursday as chief rival Mitt Romney suspended his faltering presidential campaign. "I must now stand aside, for our party and our country," Romney told conservatives.

"If I fight on in my campaign, all the way to the convention, I would forestall the launch of a national campaign and make it more likely that Senator Clinton or Obama would win. And in this time of war, I simply cannot let my campaign, be a part of aiding a surrender to terror," Romney told the Conservative Political Action Conference in Washington.

Romney's decision leaves McCain as the top man standing in the GOP race, with Mike Huckabee and Ron Paul far behind in the delegate hunt.

Romney launched his campaign almost a year ago in his native Michigan. The former Massachusetts governor and venture capitalist invested more than $40 million of his own money into the race, counted on early wins in Iowa and New Hampshire that never materialized and won just seven states on Super Tuesday, mostly small caucus states.

McCain took the big prizes of New York and California.

"This is not an easy decision for me. I hate to lose. My family, my friends and our supporters ... many of you right here in this room ... have given a great deal to get me where I have a shot at becoming president. If this were only about me, I would go on. But I entered this race because I love America," Romney said.

There were shouts of astonishment, with some moans and others yelling, "No, No."

Romney responded, "You guys are great."

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Carrie Stroup, Gambling911.com

Originally published February 7, 2008 2:28 pm EST