US Election Betting Heats Up
While the full effects of Obama and Romney’s debate are hard to judge, it seems that online betting did, at least for a short while, swing in Romney’s favour.
Both BetFair and Intrade changed the odds to make Romney favourite after his strong performance in the debate last week and bettors have been putting thousands of pounds on him to win.
At Intrade, between Tuesday and Thursday last week, they boosted Romney’s chances by 7% while Obama’s odds dropped by 14 points.
At Betfair Romney’s odds increased by 6 points giving him a 25% chance of winning. His performance in last week’s debate led to gamblers placing over £20,000 of bets on his victory.
In total, at the end of last week, Betfair customers had bet £5.5 million on the upcoming elections.
However, Obama is still favourite at Betfair, last week he was still given a 75% chance of winning with spokesperson James Midmer saying that “there is still a sizeable gap to close among America’s key demographics, which will take more than a decent 90 minutes in front of the cameras.”
In the course of the debate over £71,000 was bet on an Obama victory.