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2:20pm UK, Friday October 17, 2008
A bookmaker is so sure that Barack Obama will win the US Presidential election that it has paid off all £778,000 worth of bets that back him, three weeks before the vote.
Paddy Power believe the Democratic nominee has the result in the bag.
Mr Obama's poll ratings have risen over Republican candidate John McCain as the US economy has worsened.
"We declare this race well and truly over and congratulate all those who backed Mr Obama - your winnings await you," the company said in a statement.
The Irish bookies have a history of paying out early - and a record of getting it spectacularly wrong.
In 2003, Paddy Power coughed up a double payout on the English Premiership after paying out early for bets on Arsenal winning the league.
Manchester United came back to win the title race and the bookmaker was forced to pay both sides of the bet.
If Paddy Power have got it wrong about the US Election the same thing will happen. Those who voted for Mr Obama will get to keep their winnings while Mr McCain's backers will also cash in.
Simon Clare, spokesman for Coral bookmakers said the company would not be following Power's lead.
She said: "We tend to pay out when events actually happen. It's almost a formulaic publicity stunt.
"It's a very successful tactic to do this from time to time because if McCain was to come back then Paddy Power would get a huge amount of publicity.
"We're quite happy to wait and see who the American public want to win the Presidential election, rather than guessing."
The biggest victor from Paddy Power's faith in Mr Obama is someone who put down £78,000 and will get nearly £117,000 back.
The most visionary bet was from a punter who gambled £39 in 2005 when Mr Obama was listed at 50-1 and has now won £1,985.
Despite calling the contest, the Dublin-based bookmaker said it is still taking new bets on the race.
A McCain victory on November 4 at the current 5-1 odds would earn £5 for every £1 bet. By contrast, each £1 bet on Mr Obama would net just 9p.
A bookmaker is so sure that Barack Obama will win the US Presidential election that it has paid off all £778,000 worth of bets that back him, three weeks before the vote.
Paddy Power believe the Democratic nominee has the result in the bag.
Mr Obama's poll ratings have risen over Republican candidate John McCain as the US economy has worsened.
"We declare this race well and truly over and congratulate all those who backed Mr Obama - your winnings await you," the company said in a statement.
The Irish bookies have a history of paying out early - and a record of getting it spectacularly wrong.
In 2003, Paddy Power coughed up a double payout on the English Premiership after paying out early for bets on Arsenal winning the league.
Manchester United came back to win the title race and the bookmaker was forced to pay both sides of the bet.
If Paddy Power have got it wrong about the US Election the same thing will happen. Those who voted for Mr Obama will get to keep their winnings while Mr McCain's backers will also cash in.
Simon Clare, spokesman for Coral bookmakers said the company would not be following Power's lead.
She said: "We tend to pay out when events actually happen. It's almost a formulaic publicity stunt.
"It's a very successful tactic to do this from time to time because if McCain was to come back then Paddy Power would get a huge amount of publicity.
"We're quite happy to wait and see who the American public want to win the Presidential election, rather than guessing."
The biggest victor from Paddy Power's faith in Mr Obama is someone who put down £78,000 and will get nearly £117,000 back.
The most visionary bet was from a punter who gambled £39 in 2005 when Mr Obama was listed at 50-1 and has now won £1,985.
Despite calling the contest, the Dublin-based bookmaker said it is still taking new bets on the race.
A McCain victory on November 4 at the current 5-1 odds would earn £5 for every £1 bet. By contrast, each £1 bet on Mr Obama would net just 9p.
