Obama hot favourite to win 2012 election

Barack Obama is already odds-on favourite to win the 2012 US election, according to a leading bookmaker.

A spokesman for Paddy Power said Obama is 4-5 favourite to win the next presidential election.

They have made John McCain’s vice-presidential nominee Sarah Palin 3-1 favourite to win the Republican nomination in 2012 and 7-1 to beat Obama in that election.

Odds are also available on who President Obama will choose as his Secretary of State.

Diplomat Richard Holbrooke is 9-4 favourite with Anthony Lake and Richard Lugar sharing the 7-2 second-favourites tag.

An outside bet is former two-time Democratic president Bill Clinton at 33-1.

His wife, Hillary, is at odds of 66-1 to get the job.

The bookmakers are also offering odds on which event will happen first under President Obama.

A full troop withdrawal from Iraq is favourite at 2-5 followed by the capture or death of Osama Bin Laden at 6-1.