U.K. bookie declares Obama victorious

President Obama greets a cheering crowd at a campaign event on the University of Cincinnati campus, Nov. 4, 2012, in Cincinnati, Ohio. / AP

LONDON Pollsters and pundits in the United States may be hedging their bets, but a bookie in Britain is paying out even before the presidential race is over. Paddy Power, Europe's largest book-maker and one of the big "bet shop" chains in Britain (where they'll bet on anything) has decided that President Obama has already won reelection, and is handing over cash to those who placed bets on him.

With 75 percent of those laying a bet on the race in the past month backing the incumbent, the odds and the payout weren't terribly attractive anyway. The book-making firm may just be cutting its losses. Still, its pre-election payout bill will come to well over half-a-million dollars.

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"Romney gave it a good shot and is doing well in the popular vote, but we suspect he's had his moment in the sun and is likely to be remembered more for his legendary gaffes than presidential potential," Paddy Power said in a statement. "The overall betting trend has shown one-way traffic for Obama and punters seem to have called it 100 percent correct."

Opinion polls may be edging ever so slightly toward an Obama second term, but most predictions are still within the margin of error, or simply inconclusive. But that didn't stop Paddy Power from sticking its neck out and - in the highly competitive business world of British gambling - getting itself a few headlines.

Even with the payout, "punters" can still lay down a bet on the race. In fact, they can bet on just about any aspect of it. It's 100 to 1 that Mr. Obama and Mitt Romney will get the same number of Electoral College votes; 11 to 1 that Romney will win the popular vote but Mr. Obama will win where it matters -- in the Electoral College; 50 to 1 that the opposite will happen, and 16 to 1 that Obama will win in a landslide. Point-spread bets are being taken as well.

For the more traditionally, equine-minded gamblers, Pendra is the 4/6 favorite in Monday's Maiden Hurdle for 4-year-olds at Plumpton Park. Although Forgotten Promise, the 60/1 long shot in the 13:20 at the same track should get some action, if only for sentimental reasons.

[twmit]

This story is garbage. Bookmakers don't stay in business by being stupid.They don't just hand over a half a million dollars. If I walked into a "big bet shop" and tried to put $50,000 on Romney at long odds they would laugh in my face. There is no way they would take that action.

[Scimajor]

If you look at the actual math involved it's far more likely that Obama will win than will Romney. It is, however, WAY too early to call it a done deal.

Snake eyes is unlikely but IT DOES happen (1 in 36 times).

[PourpaixPourpaix]

Fair enough. Put British bookmakers in charge of determining the election. It would certainly be more honest.

[WillowSunstar]

This is too early, considering that Obama & Romney are tied in many states and there could be recounts.

[melbatom]

All this action by this shady charater is to protect his odds. He does not know and most others don't know who will win. You can still bet the election will be settled on "PARTY VOTES"!

[usunus]

It is worthwhile to verify if any Obama supporter like Soros is financing this Brtish bookmaker.

[hilario3]

Romney was the 'best' of this group: Perry,Bauchman,Gingrich,Pawlenty,
Santorum. He was the 'least' crazy,unethical of the bunch, does not
speak highly of the GOP mantra. These folk are still spouting lunacy
at every opportunity. I will take the sane canidate and hope for the
best.

[Uneed2BWeened]

And Obama beat out Edwards? A true gentlemen. Obama beat Biden in a debate? That's a shocker. Then painted Hillary as a racist, only to put a muzzle on her; he keeps his enemy as close as possible.

[Clydebear]

By the way....Paddy Power Bookmakers is an Irish company...NOT a UK one.

[WHAT-IS-HE-SMOKING]

Paddy Power, Europe's largest book-maker and one of the big "bet shop" chains in Britain

All it said was that it is ONE of the big "bet shop" in Britain. It also said was the Largest in Europe. When did it say it was a UK firm?

[casionova]

"When did it say it was a UK firm?"

In the headline.

[OutfieldDan]

This is a crock. You can go to the paddiepower website and there is no declared winner. You can still place a bet.

This must be an Axlerod trick.

[MrLiterally]

True enough. The election is not over and I am going in tomorrow to cast my vote We all should do the same.

[Repubs_R_Fiscal_Liberals]

You can still place a bet.

---------

You can also find that out FROM THE ARTICLE.

Sheesh.

[MrLiterally]

Rafterman, I voted for Obama in 2008, despite reservations about his political direction, and the last four years have confirmed my concerns. For political reasons, I will vote against him, even to vote for Romney. I think Obamacare is about as socialist as it gets, I think deferring to the U.N. to the point of nearly courting some sort of international gun control is heading towards socialism, and I think the President sees his nation as one big housing project with "children" who need their lives directed by his administration.

At heart, I believe President Obama is a good man, a good person. But politically, he is too far Left for me.

Now, play the race card and believe what you want, no one cares.

[nfission]

Socialism is not a dirty word as you pretend it to be, Sweden is the best place in the world to live according to study. Since that report I have researched Sweden by culture, government, economics, and every other aspect. They are to be held as a model for all other governments to follow, yet, big oil, capitalism, Wall Street, corruption, and banks stand in the way. We could be a better country if we adopted their way of life. I don't recommend anyone doubting that and disagreeing with me unless you have performed as in depth study as I have. And please allow yourself time to look up the definition of socialism, it is not communism.

[Repubs_R_Fiscal_Liberals]

Ever since you started paying taxes in our particular society, you have been a socialist.