Same thing happened in 2004, when everyone was betting on John Kerry.
From Barry Sussman:
In light of the article you posted the other day on how the GOP is creating their own election reality by ignoring and impugning polls, I thought you might appreciate the following. This is from Pinnacle, one of the largest betting sites in the world. All of those from the “Romney’s really winning” crowd are invited to put their money where their mouth is and take almost 3-1.
|06:00 PM||1351 Democrat||-334||Risk To Win|
|1352 Republican||+292||Risk To Win|
In the real world where people wager with real money, this one is not even close. BTW, these odds are from today, post Romney’s “resounding debate victory.”
Asked to explain the numbers, Barry followed up:
It’s very simple. It’s all based on a theoretical $100 bet. To win $100 on Obama, one must risk $334. On Romney, risking $100 returns $292. This means that Obama is more than a 3-1 favorite to win the election.