Irish Bookie Paying on Obama Bets Now

After the last debate between John McCain and Barack Obama, the leftwing punditocracy gave the judgment that Mr. McCain hadn't done enough to make a comeback. The rightists claimed he won, and was looking better than he had. Enter Irish bookie, Paddy Power. The Dublin-based bookmaker started paying on bets that Mr. Obama will win the election as of yesterday.

The bookie said in a statement, “We declare this race well and truly over and congratulate all those who backed Obama. Although he seemed a little out of sorts in last night's final debate we believe he has done more than enough to get him across the line on November 4.”

The odds on a McCain victory at Paddy Power are 5-1 against. The current odds on an Obama presidency have shortened to 1-9 against. For those whose misspent youth didn't include a close friendship with a turf accountant, that means that a €1 bet on John McCain will return the original stake plus €5 more. A wager on Barack Obama would require €9 to win a single euro in profit.

Paddy Power says more than 10,000 bets have been placed on the US presidential race. Most of the bets have been on an Obama victory. That includes one of €100,000 at 1-2 made back in June, meaning someone is collecting €50,000 between now and November 5. The full payout will exceed €1 million.

The Irish Times said, “Mr Obama was a massive 50/1 with Paddy Power to be the next US president back in May of 2005. One inspired punter who will be celebrating today had a long range wager of €50 at these odds which has led to a return of €2,550. “ Also, “The bookmaker said it continues to offer betting on the election outcome right up to and including November 4th. It said that one of its most popular bets currently on offer is predicting the winning margin of the successful nominee.”

For McCainiacs, there is a glimmer of hope. Reuters noted, “In June it [Paddy Power] paid out more than 80,000 euros in bets that Irish voters would back the European Union's Lisbon treaty in a referendum shortly before the electorate returned a resounding 'no'.” No word on whether the money was returned.

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