Paddy Power has cut the price on Obama winning the presidential election to 2/5. Oddsmaker: Obama's chances rising

The prominent online betting house Paddy Power said on Monday that despite - or maybe because of - Mitt Romney’s selection of Paul Ryan as his running mate, President Barack Obama’s edge in November has increased.

“Paddy Power, Europe’s largest betting company, have cut the price on Barack Obama winning the November 6 presidential election to 2/5 this week despite the Republican campaign receiving a boost with the announcement of Paul Ryan as Mitt Romney’s Vice Presidential candidate,” states Paddy Power in a release. “Mitt Romney remains the underdog in the race to the White House according to the betting house who is now offering odds of 7/4 on the former Governor of Massachusetts becoming the next president.”


According to Paddy Power, Obama’s odds are actually getting better with time and even with the Ryan announcement; in recent weeks, they’ve shortened Obama’s odds on winning from 8/13 (a $1 bet would earn you $1.62 with an Obama win) to 2/5 (a $1 bet would earn you $1.40 with an Obama win).

A spokesperson for Paddy Power said, “Our odds would suggest that Barack Obama is well poised to spend another four years in the Oval office. However, a lot can happen between now and the election and we wouldn’t right off Romney’s chances just yet.”