I've Got My Mitts on It! Irish Betting House Paddy Power Pays Out on Romney!

DUBLIN, January 19, 2012 /PRNewswire/ --

Following today's withdrawal by Rick Perry from the Republican nomination race, bookmaker Paddy Power has declared Mitt Romney as the Republican candidate for this year's Presidential Election race and are paying out EARLY on the former Governor of Massachusetts taking the title.

Romney had long been favourite to get the nod from the Republican Party with his odds at just 1/16 by the time Paddy Power waved the white flag. Whilst Romney had been available at prices of 9/4 last year he was already in a commanding position by the time of the first Iowa caucus at odds of 2/5 which were trimmed even further to just 1/9 after the result.

The withdrawals of his rivals further strengthened Romney's position and, despite a late wobble over his tax issues, the withdrawal of the former favorite Rick Perry was enough for Paddy Power to decide the race was all but over.

Nearly 50% of all money staked on the Republican race had backed Romney meaning a great result for most of the political punters with one man in particular celebrating a 500 Euro bet at 2/1 for a 1500 Euro return.

Paddy Power himself said: "The fat lady is all but singing in the Republican race. It looks inevitable now that Romney will be the Republican candidate so there's no need for our punters to wait for their winnings.

"The combination of Romney's rivals falling by the wayside and his enviable campaign funds suggests we don't even need the reliable indicator from South Carolina this time round."

Romney is now 11/8 to win the race to the White House on behalf of the Republicans with current incumbent Barack Obama the 8/11 favorite to win again for the Democrats. Should Romney find a way to slip up its 16/1 for any other candidate?

Paddy Power Latest Betting:

Closing Betting on Republican Nomination

1/16      Romney

16/1      Gingrich

16/1      Paul

33/1      Santorum

US Presidential Betting

8/11      Obama

11/8      Romney

12/1      Any other candidate

Ends

Note: Payout applies to bets placed before 17.00 GMT on Thursday 19 January only

For further information or interview requests, please contact:

Marc Webber, Press Office Manager, Paddy Power PLC

+44(0)7787-436091 or [email protected].

SOURCE Paddy Power