Betting tips / Daniel Bevan / 03 January 2012 / Leave a comment Bet Now

In the lead up to the GOP Iowa caucuses, Dan Bevan has discovered that punters and the market have already decided who will ulitmately be the Republican candidate in the 2012 election.

Mitt Romney will emphatically win the Republican nomination and face President Barack Obama in the 2012 United States Presidential Election.

At least that's the verdict of Betfair's political punters on the eve of primary season getting underway with the Iowa caucus.

Romney's current odds of $1.33 to win the Republican presidential nomination imply around a 69% probability of success in the GOP race ahead of Texan Rep. Ron Paul who, at odds of $14, is given a 7% chance, while former House Speaker Newt Gingrich and former US Senator Rick Santorum are each trading at $15 and given a 6% chance of victory by Betfair punters.

In specific betting on the Iowa Caucus, Romney's lead over other candidates is not as pronounced with his current price reflecting about a 44% chance of Iowan endorsement ahead of Ron Paul with around a 28% chance and Rick Santorum, whose late surge has brought him well into contention at around a 26% chance.