US elections sees £10 million in bets

As the world gets ready to welcome the next American president, UK based punters have staked a record £10 million worth of bets on the two horse race, almost four times as much that was bet on the 2004 elections. Obama is currently beating John McCain in the opinion polls by seven points, beating McCain in the key battlegrounds of Florida and Missouri.

The Irish bookmaker Paddy Power has already paid out on Barack Obama on being named as the next US President, however it is still taking bets on the outcome but with Obama having odds of 1/14 you would need to put on a £500 just to win back £35.00 it does not seem to be worth the gamble, as with any betting event - anything can happen, just ask Al Gore, he was destined to be beat Bush in the 2000 US Presidential elections.

A spokesman from the Racing Post said: “The bookmakers have never seen such a high level of interest in an American Presidential Election, Obama has caught the hearts and minds of British punters and could turn out to be the most popular president on these shores since JFK. ”

The election results are expected to be announced early on Wednesday morning, the results will be shown live on the BBC News 24 and Sky News.