In Britain -- where betting on U.S. elections is legal -- bookies give about the same odds. These odds held in London even after a £40,000 bet on Romney. A spokesperson for the leading bookmaker, Ladbrokes, said on September 12:
Our punter may think Romney's the man for the job, but we're not so sure. We're happy to keep the prices as they are, because as far as we're concerned, Obama is untouchable.
Of course, Ladbrokes could be wrong, and the Iowa markets could be, too. But the Iowa markets in particular are better at predicting outcomes than any single poll of voters is. A 2008 study by professors in the University of Iowa's Henry B. Tippie College of Business, sponsor of the non-profit program, concluded: