Bookies Put Newt Gingrich Ahead of Romney; Obama Still Odds-On Winner

Newt Gingrich's rise to Republican front runner status has been cemented by overseas odds makers, who put the former Speaker ahead of former Massachusetts governor Mitt Romney in several upcoming caucuses and the overall race for the GOP nod.

According to Irish betting site Paddy Power, Gingrich is the odds on favorite in the Jan. 3, 2012 Iowa Republican Caucus, with 4-11 odds. Romney just barely squeaks into the top three for that race, with odds makers putting Ron Paul in second with 10-3 odds.

Gingrich also jumped ahead in the overall race, with bookies giving him 6-5 odds on nabbing the Republican nomination, with Romney falling into second at 5-4. The two are both tied for second in the overall presidential race, sharing 3-1 odds while Barack Obama comfortably leads at 10-11. As is usual with political bets, consistency is almost nonexistent.

Even though Obama is odds on to win the 2012 election, bookies have given the Republicans and Democrats little separation for electoral college votes, with 4-5 and 10-11 odds respectively.

Prediction market Intrade has the race playing out differently. There, Romney still holds a 45 percent chance at winning the GOP nod, with Gingrich sitting at about 35 percent. Former Utah Governor Jon Huntsman is a distant third, at 7 percent. In the overall race, Intrade has Obama with a 50 percent chance of winning; Romney a distant second at 22 percent and Gingrich at 18.