British Bookmakers See Obama Staying in the White House

Written by:
Reuters
Published on:
Oct/24/2012
British Bookmakers See Obama Staying in the White House

LONDON (Reuters) - U.S. President Barack Obama will be elected for a second term next month if Britain's bookmakers are to be believed.

The polls have Obama effectively tied with rival Mitt Romney in the two-horse race for the White House but the odds show gamblers putting their money on the incumbent.

British bookmakers offer political betting as a niche sideline to more lucrative wagers on sports like horse racing and soccer. They take bets from around the globe - although not from the United States where such gambling is prohibited.

"It's really exciting betting. The markets and the pollsters have a little competion on who is most accurate," Richard Glynn, chief executive of British bookmaker Ladbrokes , told Reuters.

Bet on the swing states here at Sportsbook.com

Two weeks before the November 6 election, Obama was 2/5 favorite with Ladbrokes, meaning a punter would have to gamble 5 pounds ($17.6) to win 2 pounds. Romney would offer a better return at odds of 15/8, allowing gamblers to win almost double what they wager.

Online gambling exchange Betfair, which cuts out the middleman by matching bets directly between gamblers, gives Obama a 66 percent chance of victory, to 34 percent for his Republican challenger.

Betfair claims that its exchage can provide a more reliable guide to the outcome of elections than some polls.

It cites the notorious example of 2004 when exit polls pointed to a win for Democrat John Kerry but its exchange indicated the correct result, a second term for George W. Bush.

"People betting their money make a much more hard-headed decision," said Betfair spokesman James Midmer.

"With polls, people sometimes say who they want to win."

Britain's largest bookmaker William Hill said it expected over one million pounds ($1.6 million) to be staked with it on the U.S. election - the highest it has recorded for the vote.

Putting that figure in perspective, the bookmaker says gamblers will bet more on the English Premier League soccer clash between top two Chelsea and Manchester United this Sunday.

Political betting caters for gamblers left cold by sporting action, says William Hill spokesman Graham Sharpe.

"It gets us to people that we otherwise couldn't reach," said Sharpe. "People tend to have one main passion that they will bet on because they have enough knowledge," he added.

William Hill is also taking bets on two more senior roles up for grabs closer to home - the next Bank of England governor and the new Archbishop of Canterbury.

Politics News

First Presidential Debate Ratings Come in at Over 80.5 Mil: Odds Were at 97.5

The 80.5 million number, spread across 12 channels, had not yet counted PBS or CSPN ratings, which were expected to be nominal.

Hillary Clinton Odds of Becoming Next President Rises 6 Percent After Debate

Hillary Clinton Odds of Becoming Next President Rises 6 Percent After Debate

The betting markets reacted almost immediately following Monday night’s first US Presidential Debate between GOP nominee Donald Trump and Democratic nominee Hillary Clinton....

First Debate Odds: Trump’s Blue Tie Pays 2-1, Clinton Pantsuit Pays 16-1

With online gambling sites in a mad frenzy to get their First Presidential Debate odds up, the choice of outfit by both the GOP and Democratic nominee demonstrate why this is not your typical Presidential Debate.

First Presidential Debate Betting Odds – Do Clinton and Trump Shake Hands?

First Presidential Debate Betting Odds – Do Clinton and Trump Shake Hands?

The online gambling websites continue to post odds on the First Presidential Debate with MyBookie now offering odds on Hillary Clinton shaking hands with Donald Trump at -375.

Debate Night Head to Head Betting Odds – Clinton vs. Trump

Debate Night Head to Head Betting Odds – Clinton vs. Trump

BetOnline features a series of Debate Night head to head betting odds between Donald Trump and Hillary Clinton

Syndicate