Joe Biden His Time

Joe Biden, left-wing attack dog, has been chosen as Barack Obama's running mate. The Delaware senator was a relative long shot at 15/2 on July 1.

But how does his selection affect the political betting odds? The movement has been minimal, though Big Red, one of the founders of offshore betting, notes that the low betting limits on who will be the next president of the US will mean there won't be the drastic line changes that exist in sports betting.

Obama is -200 to win POTUS, McCain +140. On the political betting odds page, note that Itrade has Obama with a 58.4 percent chance for the White House, compared to just 36.4.

The cone of silence is over, the vetting done on the Democratic side. Oddsmakers still have Mitt Romney as the Republican favorite.