Betfair suggest that betting trends on US Presidential Race more accurate than PollsOctober 26th, 2012 / lee
Britain’s bookmakers have incumbent Barack Obama in the lead for the race for the White House. The polls may have Senator Mitt Romney and President Obama tied, but, most bets are being placed on the man who currently holds office. Online gambling trends puts Obama ahead with a lead of 66 percent of wagers backing him, leaving Romney far behind with 34 percent of the market. With just under two weeks before the election, a punter would have to bet £5 pounds to profit £2 on the Republican challenger, making Romney a better return with odds at a 15/8, giving gamblers almost double what they wager.
Betfair claims their exchange platform can provide a more reliable guide to the outcome of elections than some polls. James Midmer, Betfair spokesman said “people betting their money make a much more hard-headed decision with polls, people sometimes say who they want to win.”
A great example is the ’04 US Election where polls pointed to John Kerry winning but all bets pointed to a correct result of George W. Bush winning for a second term. British bookmaker William Hill said it is expected that over one million pounds will be staked on the U.S. Election, the highest it has recorded for a White House race before.
“Political betting caters to those left unsatisfied by sports betting or leaving an alternative for those who don’t follow sports”. said William Hill spokesman Graham Sharpe. William Hill is also taking bets on two more senior roles up for grabs, closer to home. The next Bank of England Governor and the new Archbishop of Canterbury.
Richard Glynn Chief executive of British Bookmaker Ladbrokes said of the Presidential race “its really exciting betting, the markets and the pollsters have a little competition on who is most accurate.”