How will the prediction markets respond?

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Ireland&#8217-s largest bookmaker Paddy Power is already paying out on Barack Obama to win the Democratic nomination for the race to the White House. They decided yesterday to pay out 50000 Euros to punters who had backed him at odds ranging from 4-9 to 4-1.

After his stunning victory last week in the Iowa caucuses, Mr Obama is now odds on favourite at 1-12 to secure the nomination .

Spokesman Paddy Power said: &#8220-With each passing day Obama is looking more like a certainty to get the Democratic vote and, as far as we are concerned, he is already past the post.&#8221-

http://www.bettingmarket.com/