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 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.
Wednesday, October 27, 2010
Deus Ex Machina
The expression "deus ex machina" (literally "god out of the machine") comes to us from classical Greek plays where an actor portraying a god was introduced. This is a way to resolve an intracable plot element - another actor or set of circumstances is suddenly introduced and the story ends. In a way this can be viewed as a miraculous end to a seemingly impossible situation - it is as if God suddenly intervened.
As gamblers have a way of cutting through the crap and putting their money where their mouth is, the deus ex machina option may be the only way out of the election next week for the Dems. They may as well stop throwing money at television and radio advertisements and start praying.
For the bookies have spoken.