Betting the 2008 Presidential Election
Betting on politics has long been prohibited in the United States, but the growth in online sportsbooks will no doubt have a number of Americans who are backing their favorite candidate in more ways than just at the polling booth. Presidential betting has been available online for a number of years, and the 2008 race between Barack Obama and John McCain is no exception.
Obama had generally been the favorite throughout the race and in August was roughly a 2-to-1 favorite over McCain. But McCain had been gradually gaining ground and as recently as Sept. 10 had pulled even with his Democratic counterpart at some sportsbooks. But the Wall Street fiasco of the week of Sept. 15 has given a big boost to Obama's chances, at least in the minds of sportsbooks. At Intertops, Obama was listed as -137 (risk $137 to win a $100) on Tuesday, Sept. 16, and by late Thursday, Sept. 18, Obama had jumped all the way to -200. McCain backers can win $150 for every $100 risked if their man wins.
It makes sense that Obama is favored by online sportsbooks, as the Democratic Party, most notably Barney Frank, is considered to be more friendly to the interests of the online betting community. And as with anything else, a number of bettors are likely to bet with their hearts in this case.
The last few days have shown that you have to be quick to get the best odds when it comes to Presidential elections. The odds can quickly change depending on world events and those looking to make a profit have to be willing to act quickly.
Those believing McCain will bounce back and win the election may want to place their bets on the Republican soon, while his odds are extremely generous.
Those believing Obama will get the nod may want to wait a bit and see if the odds drop once things stabilize on the economic scene.
As always, shop for odds at as many different sportsbooks as you have access to. While Obama is -200 at Intertops, he is still -145 at Bodog, which is a huge difference.
As Election Day draws closer, expect to see more proposition bets become available, such as which candidate will carry a particular state, the margin of victory, the public vote, etc.
If you're looking for a bit of additional rooting interest on Election Day, there will be plenty of opportunities for you.
