We've heard from poll after poll in recent months predicting who would win the presidential race: Barack Obama or Mitt Romney. But poll respondents don't have anything to lose when they give their opinions. Gamblers betting on the outcome do, and they give overwhelming odds to one candidate.
When Mario Vargas Llosa won the Nobel Prize for Literature this week, the British literary betting agent Ladbrokes couldn't have been more pleased. Ladbrokes had given Vargas Llosa slim odds of winning the prize so when Vargas Llosa won, Ladbrokes avoided a massive payout.