Paddy Power pays out on Obama victory

The bookmaker is pretty certain of the outcome.

Paddy Power, the Irish bookmaker, has paid out on all bets that Barack Obama will win the US presidental election a day early, claiming that Obama is "a nailed-on certainty" to win a second term.

The move is part publicity stunt, part business move, and part a betting company taking a bet on the election – to the stake of $650,000, according to a press release from Paddy Power.

The publicity stunt aspect is pretty obvious – you're reading this story, after all – but the business move is slightly more interesting. Paddy Power, as with any betting company which pays out early, hopes punters will re-invest their winnings in a more uncertain bet on the election. The bookmaker is pushing the idea that the margin of victory is a fun bet to take part in, and it's certainly one where you could win more money: the odds of an Obama victory bottomed out at just 2/9, while if you follow Jim Cramer's prediction of a gigantic Obama victory, you could get 25/1.

And as for the bet on the election – well, Paddy Power will be pretty annoyed if they've called it wrong and have to pay out on Romney as well.

Paddy Power in 2011, when the company changed its name to celebrate Obama's visit to Ireland. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

ONEN ZVULUN/AFP/Getty Image
Show Hide image

Shimon Peres dies: President Obama leads tributes to Israel's former president and Nobel Peace Prize winner

World leaders rushed to pay tribute to the former Israeli president and Nobel Peace Prize winner. 

Shimon Peres, the former Israeli prime minister, president and Nobel Prize winner has died aged 93.

Peres, who served as prime minister twice and later became Israel's ninth president, suffered a stroke two weeks ago and has been seriously ill at a hospital near Tel Aviv since. His condition had improved before a sudden deterioration on Tuesday led to his death.

He won the Nobel Peace Prize in 1994 for his role negotiating the Oslo Peace Accords a year earlier, which talked of an independent Palestinian state. 

His son Chemi led the tributes to his father — praising his seven decades of public service and describing him as "one of the founding fathers of the state of Israel" who "worked tirelessly" for it.

World leaders rushed to honour his memory with President Obama calling him "the essence of Israel itself".

"Perhaps because he had seen Israel surmount overwhelming odds, Shimon never gave up on the possibility of peace between Israelis, Palestinians and Israel's neighbours," Obama wrote.

Britain’s chief rabbi Rabbi Ephraim Mirvis bid farewell in an emotional statement: "There will be countless tributes to Shimon Peres over the coming days, but I fear that few, if any, will adequately capture the palpable sense of collective grief felt across the world, nor do justice to the memory of a true giant amongst men," he said.

"It is true that Shimon Peres was a great statesman. He was the noblest of soldiers, a born leader, a uniquely talented diplomat, an inspiring speaker and a relentless campaigner."

The former US president Bill Clinton called Peres a "genius with a big heart" and said he would never forget “how happy” Peres was in 1993 when the Oslo Accords were signed on the White House lawn. 

"The Middle East has lost a fervent advocate for peace and reconciliation and for a future where all the children of Abraham build a better tomorrow together," he said.

"And Hillary and I have lost a true and treasured friend.”

Peres’s former political opponent, Prime Minister Benjamin Netanyahu, said in his statement: “Along with all the citizens of Israel, the entire Jewish people and many others around the world, I bow my head in memory of our beloved Shimon Peres, who was treasured by the nation.”

UN Secretary-General Ban Ki-moon said that "even in the most difficult hours, he remained an optimist about the prospects for reconciliation and peace".

French president Francois Hollande said "Israel has lost one of its most illustrious statesmen, and peace has lost one of its most ardent defenders"

Canadian PM Justin Trudeau, Australian PM Malcolm Turnbull and Indian PM Narendra Modi have also paid tribute.

Among the world leaders expected to attend his funeral in Jerusalem on Friday are President Obama, Prince Charles and Pope Francis.