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Paddy Power pay out early on victory for Obama in US Presidential Election

November 5th, 2012 / lee
Paddy Power

On the eve of the Presidential election in America, Irish online betting site Paddy Power have jumped the gun in a publicity stunt, by settling bets on incumbent Barack Obama winning. While the vote doesn’t happen until Tuesday, November 6th, Paddy Power took out an advertisement in the Irish Times which said “Sorry Romney, You’re Not Black, Or Cool – we’re paying out early on an Obama victory.”

The advertisement, which has a big picture of Barack Obama laughing, has courted a fair share of criticism and complaints as well, some of which will get investigated by the Advertising Standards Authority of Ireland. Even though the official polls in America are suggesting that the race will be extremely tight between Obama and Republican challenger Mitt Romney, Paddy Power, who are big fans of producing publicity stunts, seem more assured.

So certain are they that Obama will remain in power, that they have taken a big risk in paying out £400,000 on the President to get re-elected. But a spokeswoman for the company said that even though Obama remains slightly ahead in the polls, Paddy Power was still “sticking its neck out.”

But Paddy Power of course are in a position to gauge the popularity contest, as according to them, it has been “all one-way traffic” for President Obama in the betting market. According to stats by the betting site, over 75% of the market’s money has been in favour of backing Obama, which saw the price of him winning the race to as low as 2/9.

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