European Online Gambling Sites Forced to Make Huge Payouts on Hillary Clinton, Barack Obama Bets

Hillary Clinton paid out US$5000 for every US$100 bet at one European exchange

While the US facing online gambling establishments like BetUS.com have been somewhat accurate in predicting the more recent Iowa caucuses and New Hampshire primaries, European betting exchanges like BetFair and Paddy Power, have had a rough time this past week.  Granted, BetUS.com removed its odds on the New Hampshire primaries at around the same time Hillary made her now famous "plea for the well fare of the country". 

Heading into New Hampshire, BetFair.com listed Hillary Clinton's odds of winning that primary at 50/1 - unheard of!  The payout: US$5000 for every US$100 bet!  Granted, BetFair's odds are a direct reflection of what others are betting.  Hence, it can be assumed there were very few individuals backing Hillary to win.  Of course, the lack of accuracy could have to do with the fact that Americans are not able to place bets with BetFair.

But if you think the mainstream press had written off Hillary, you won't believe what Ireland's largest online bookmaker - Paddy Power.  On Monday, Paddy Power declared that the Democratic Nomination race "is well and truly over and are already paying out on Barack Obama to be the successful Democratic nominee."

The early payout signals a massive EUR50,000 ($75,000) payday to lucky punters who backed Obama over the recent number of weeks at various odds ranging from 4/1 to 4/9.

Those odds reflected what was being offered at most US-facing online gambling establishments, including Sportsbook.com, which listed Obama at 9/5 odds for a potential payout of $450 for every $100 bet.  Obama's odds have remained relatively consistent throughout the entire campaign process at Sportsbook.com. 

Paddy Power, said: "From a betting point of view we reckon that it's game over for Hillary. With each passing day Obama is looking more like a certainty to get the Democratic vote and as far as we're concerned he's already past the post. So well done to all who backed him, your winnings await!"

Barack Obama had also overtaken Hillary Clinton for the first time in the betting to become the next US President at Paddy Power where he was listed at 10/11 to become the first African-American President over Hillary Clinton who had drifted to an incredible 5/2.  Sportsbook.com still had Hillary a very slight favorite to become the next US President over Obama, but with longer odds of just better than even compared to the 1/3 odds peak from a few months back.

Perhaps there is a lack of understanding by Euro bookmakers as to how the US political process works.  And when you throw the Clinton machine into the brew, things are bound to be all the more complicated.  

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Christopher Costigan, Gambling911.com Publisher CCostigan@CostiganMedia.com

Originally published January 9, 2008 9:22 am EST