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If You Bet with Paddy Power that GOP Would Take the House, Collect Your Winnings Quickly

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By Doug Powers  •  October 27, 2010 02:41 PM

**Written by Doug Powers

This is a bit premature, but still, the gambling world is a good indicator of what will come to pass in almost any situation, because people are betting using their own knowledge, experience, unbiased data, and most importantly, their own money. Ask Joe Biden if he’ll put a million dollars worth of stimulus funds on the Democrats to retain the House and you’ll get a resounding “absolutely” — ask him to put $50 of his own cash on it and he’ll call you a smartass and walk away.

From the Washington Times:

Saying there’s no way Democrats can keep control of the House, Ireland’s largest bookie on Wednesday said it has already paid off all bettors who wagered the GOP would capture the chamber.

“In our opinion this race is well and truly over with nothing short of a miracle stopping the Republicans taking down the House,” said Ken Robertson, communications manager for Paddy Power, the Irish bookmaker.

Mr. Robertson said the odds had tipped so much in Republicans’ favor it made no sense to continue taking bets. In July Democrats were favored 8-11 to keep control, but by Wednesday the GOP was favored 1-50, meaning it would take a bet of $50 would win just an addition $1.

Other bookmakers are heeding the words of PT Barnum in the hopes that gamblers with money to burn and the hopelessly optimistic mindset of Biden and Pelosi are still out there:

Other overseas bookies are still taking bets on control of the House. Victor Chandler betting house, for example, gives the GOP 1-25 odds while Betfair gives them 1-10 odds.

If you’d like to put your money where Biden and Pelosi’s mouths are, just go to the window at Betfair and say “Plugs and Blinky in the 2nd” — they’ll know what it means.

Republicans, don’t get cocky. Last year, before the PGA Championship was even over, Paddy Power had an early payout of $2.5 million assuming Tiger Woods had it won. He lost.

**Written by Doug Powers

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