Ireland's biggest bookmaker said on Thursday it would pay out more than 1 million euros ($1.35 million) on bets that Barack Obama will be the next U.S. president, three weeks before the election.
Dublin-based bookmaker Paddy Power said it made the "unprecedented decision" to pay on bets taken so far, following Wednesday's final campaign debate between Obama and his Republican rival John McCain, which polls judged the Democrat to have won.
"We declare this race well and truly over and congratulate all those who backed Obama," Power said in a statement.
"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 bookmaker said the overall betting trend had shown "one-way traffic" for the Illinois senator since the start of the summer, with odds shortening to 1-9, meaning a bet of 9 euros is required to make 1 euro profit.
The odds on McCain winning are 5-1.
Progressives! Oh, progressives!
You can start holding Obama's feet to the fire now!
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Not to be too nitpicky...
...but I bet this call only holds if current trends continue. (re the feet to the fire thing.)
the dumbest bookie ever....
...you never pay out on a bet before you have to, unless you can negotiate better odds (i.e. if you bet on a horse at 5-to-1 and the horses running at 3-to-1 and 2-to-1 are scratched, a bookie might offer to pay off the 5-to-1 bet before the race at 3-to-i because the odds have now changed. )