Barack Obama was not even the front runner in his own party when he started his quest to become the next President of the United States. Now, after two years of political campaigning, Obama has become the gambling favorite to be America’s next president.
Obama defeated Hillary Clinton in the Democratic primaries, and has run a nearly flawless campaign against Republican John McCain. On Tuesday, voters will get the opportunity to vote the first African American into the nations highest post.
Sports books will place odds on nearly anything they feel they can make money on. This, however, is an area where the sports books do not appear to be completely comfortable. Most of the sports books have a limit on how much can be wagered on the election.
Several sports books have a limit of $500, while others allow bets up to $1,000. Obama is the equivalent to a sports team that is favored heavily, or a horse that seems like a can’t miss.
The problem with bets like this is the underdog always has a chance. Anyone believing that John McCain can still win the election, can bet on him and get odds of +400. That is $400 for every $100 wagered.
The voting takes place on Tuesday, although many have decided to exercise their option to vote early. The early voting has gone in the direction of Obama, but still the majority of voters will have their say in the upcoming week.
Sports books also have listed which party will win the popular vote in each state, and some even include House and Senate races.