Paddy Power Already Pays Out On Republicans

One Irish bookmaker won’t be waiting for Election Day to make payouts on U.S. House of Representative wagers.  Paddy Power, Ireland’s largest bookmaker, has already determined that the Republicans will be the big winners. 

"In our opinion this race is well and truly over with nothing short of a miracle stopping the Republicans taking down the House," said Ken Robertson, communications manager for Paddy Power.

The risk vs. reward ratio was especially high.  A US$50 bet would only pay out US$1 (with the US$50 bet refunded).

The irony in all of this is that U.S. gamblers are prohibited from playing at Paddy Power at this time.

Bookmakers across the globe have made Democrats favorites to retain control of the Senate.  However, online betting exchange intrade.com, which does accept bets from those living in the U.S., has given Senate Majority Leader Harry Reid around a 40 percent chance of being re-elected. 

Republicans have a clear shot at scoring the 40-seat gain they would need for control of the House just days before the election.

- Aaron Goldstein, Gambling911.com