by Renee Israel
The results of the US Presidential elections are in and, as expected, Barack
Obama will remain in the White House for another four years.
The US elections attracted plenty of betting action among Britons, with a
clear rise in the total spent on these markets compared with the last elections
four years ago. It is believed that the rise in the availability of internet
gambling, and the growing number of people who own smartphones - which enable
them to wager via mobile devices - has led to a rise in US presidential bets.
UK bookmakers took in around £10 million in betting action during the US
elections, according to Graham Sharpe, a spokesperson for UK bookmaker, William
Hill.
Will Hill took in around £1 million of that - the biggest action it has seen
for a presidential election.
Romney Loss Bad News for Bookies in UK
In the last 24 hours of the election, British punters increased their support
for Barack Obama over his rival Mitt Romney, which spelt bad news for UK
bookies.
This increased popularity in Obama continued until the very end, despite the
fact that bookies shifted their lines to attract more betting action on Romney.
Before the results were out, Sharpe noted: "If Obama wins, it will be a
losing night. We would like to take more Romney money to balance our book."
A number of big bets were placed through William Hill in the last day of the
presidential elections, including one for $30,000 on Obama, and another for
£30,000. Romney also had his supporters, with a £20,000 flutter placed on him
being the victor in the elections. No doubt, the person who placed that bet is
now kicking himself.
Obama Constant Favourite at UK Bookies
Towards the end, odds were 1/4 for Obama and 3/1 for Mitt Romney to win.
"If this were a horse race, the pundits are predicting a photo finish," said
Sharpe before the results were out. "But we see Mr. Obama drawing clear in the
final furlong."
Since markets opened on the 2012 presidential elections, Obama has been a
favourite to win at UK bookies such as William Hill. Those who placed their bets
a year ago enjoyed the longest odds and are certainly reaping the benefits of
their punts right now. According to Sharpe, Romney was never a favourite to win
during the Will Hill presidential betting.
Obama's popularity increased across the nation and at bookmaker sites in the
week leading up to the elections, partly due to his successful handling of
Hurricane Sandy.
