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Obama's 85 Percent Odds to Win White House


It looks like the Obamas should call the movers to arrange for their new digs at 1600 Pennsylvania Avenue.

That's not just the finding of another ABC/Washington Post poll, which on Friday showed voters favoring Barack Obama over John McCain by 53 percent to 44 percent.

Prediction markets, those that place bets on future outcomes of politics and other matters, have heavy odds for Obama to win the White House on November 4.

The Iowa Electronic Market, a "real-money futures market" run by the business school at the University of Iowa, has futures contracts for Obama's chances to win the popular vote selling at $0.85 versus McCain's going for $0.15.

"McCain has about a 15.3 percent probability of winning," the Univesity of Iowa said in a statement released Thursday.

Those numbers were reflected Friday at Dublin, Ireland, prediction market Intrade, which has odds running at 84 to 16 in favor of Obama.

But why should such a futures market be believed? In 2004, Intrade claimed it correctly priced Bush's winning odds and also nailed the winners for each state.  

IEM, a predictive market that tracks politics, company earnings outcomes, and stock returns, said its 85-to-15 spread in favor of Obama has been holding unchanged for the past three weeks.

This comes as voter discomfort in McCain running mate Sarah Palin runs high. A poll on Thursday from The New York Times and CBS News gave a 59 percent vote of disapproval for her readiness for the job.