The worldwide banking crisis looks like good news for America’s Democratic Party, with bookie William Hill slashing its betting odds on Barack Obama becoming the next US president.

Obama is now as short as 1/7 to win the US presidential election in November with political punters betting on the Illinois senator in ever increasing numbers. The odds suggest the US public has greater faith in Obama’s ability to steer the USA through the banking crisis than it does in John McCain’s.

McCain is the Republican Party’s choice to succeed George W Bush, whose fiscal policies have come under attack as the world’s banking system lurches from one catastrophe to another.

People could previously bet on Obama at odds of 1/2 - meaning he was already a heavy favourite in the betting, but nowhere near as fancied to win as he is now.

William Hill spokesman Graham Sharpe said, “There is no doubt that punters believe the financial crisis has improved the prospects of success for Barack Obama.”

Posted in US Election News