Virginia Senate Race:  Oddsmakers have this one a draw

In what is arguably one of the nastiest and most controversial election campaigns, the Virginia Senate race is now in a dead heat, at least among online gamblers.

Sportsbook.com (Learn More Here) has both George Allen (R) and James Webb favored at -115 (or a $115 bet would pay out $100 plus the initial $115 bet).

This is somewhat of a stark contrast over last week when Sportsbook.com had George Allen favored by as much as -155 and James Webb a +125 underdog. 

Allen last week turned to attacking the novels written by his Democratic opponent, Jim Webb, to convert female voters.

Allen`s campaign has cited multiple explicit excerpts from Webb`s novels as demeaning to women and some of Webb's writings also include explicit references to incest between a father and his young son.

But web gamblers aren't buying any of it and feel Allen's strategy has backfired (hence, the now dead even odds between both candidates).

The polls also help to illustrate why this may be the case. 

According to a final pre-election poll conducted for The Roanoke Times and other Virginia newspapers, the two men are neck and neck as we get down to the wire.

The survey by Mason-Dixon Polling & Research also shows fading support for a state constitutional amendment banning same-sex marriages and civil unions, with fewer than half of the registered voters in the poll saying they back the measure. But supporters of the amendment still outnumber opponents by a slight margin.

Webb, who trailed Allen by 16 points in a July survey, now holds a statistically insignificant lead of 1 percentage point as the candidates barnstorm the state in advance of Tuesday’s election. In the poll, 46 percent favor Webb, 45 percent support Allen and 2 percent back independent Gail Parker. The remaining 7 percent are undecided.

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Christopher Costigan, www.gambling911.com

Originally published November 4, 2006 11:36 pm ET