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.

Paddy Power shortens US election postponement odds

Paddy Power has reduced the odds for the US Presidential Election to be postponed from 66/1 to 40/1 due to the current economic crisis that is gripping the States.

With just over €1000 being placed on the November election being moved until 2009 Paddy Power spokesperson Sharon McHugh said: “It would be astonishing if the US Election were to be postponed.  Even through the great depression in 1932, World War 2 and a series of other wars since then, US elections have always gone ahead. However, that hasn’t stopped our customers betting on the unthinkable.”

Other betting on the US Election sees Barack Obama has going ahead in the betting, he is now just 1/5 with Paddy Power to succeed Bush as President, while John McCain trails at 10/3 even with the adding of Sarah Palin as his running mate.

Spurs now 5/1 for the drop

Following the defeat at home to Premiership newcomers Hull City, several bookmakers have given odds of as low as 5/1 for Tottenham Hotspur to be relegated to the Coca Cola Championship.   Spurs are now languishing at the bottom of the Premiership taking just two points out of a possible twenty one making it their worst ever start in the Premiership.

VC Bet and Sky Bet are offering odds of 5-1, but Paddy Power is still showing odds of 7-1.  VC Bet are also giving Spurs manager Juande Ramos odds of 8/11 on to be the next Premier League manager to be given his marching orders.

Paddy Power Cheltenham Betting Up

The Paddy Power betting group showed excellent half year results for the six months ended 30 June the company reported an operating profit growth of 108pc to €40.8m and was very pleased with its Cheltenham Festival betting in shops due to the new epos system, even though there were some online problems on one of the days of the festival. The company reported revenues of €143.7m, up considerably from the €104.9m reported in the same period last year.

Paddy Power chief executive Patrick Kennedy was reported to be very pleased with operating profits at its online channel which increased by 53pc or €5.1m in the first half of 2007.

Chief Executive Patrick Kennedy was very encouraged with the online results as “Customer numbers in the online channel continued to grow strongly with an 18pc increase at the end of the half year relative to June 2006, despite slower growth in sports book customers without the Football World Cup,” Kennedy explained.

“Online competition remains intense but we are confident that our brand, product range and top class customer service, as well as our continuous drive to increase our marketing efficiency, means we are well positioned for growth.”

Kennedy said that the aim is to continue to invest in people and technology to optimise customer acquisition and retention.

“For example, we added our newly developed affiliate management system to paddypower.com during the period, automating the process for other web site operators to promote our products on their websites.

“This year’s Cheltenham Festival and Grand National were the first for many shops with EPOS and we were pleased with the improvement in customer service from speedier bet placement and collection, including the benefit of EPOS readable ‘mark sense’ dockets for shop coupons and press promotions,” Kennedy explained.

“We are also extracting more benefits by continuously refining and acting upon information from the system for operational management, marketing, risk and security,” he added.