Ireland's Biggest Bookie Pays Out On Obama Win

By Cernig

It's a publicity stunt by Ireland's biggest bookmaker, sure. But the odds on a McCain win are now terrible.

Paddy Power PLC says it is so sure Barack Obama will win the U.S. presidential election next month that it paid off Thursday on all bets it had taken backing the Democratic candidate. It said it shelled out more than euro1 million, about $1.35 million.

"We declare this race well and truly over and congratulate all those who backed Obama — your winnings await you," the company said in a statement.

They did the same with the Irish referendum for the EU Constitution, calling it early for a "yes" vote and getting egg on their faces (and millions in free publicity) when they had to pay out on the "no" result.

But Powers, which is still taking bets even after calling the race, is offering odds of 5 to one on McCain winning, while a euro on Obama only gets you 11 cents on a win. I'm of the opinion that those odds are pretty accurate.