Bookmaker Paddy Power has taken a punt on the outcome of the US presidential elections and paid out to those backing Barack Obama two days before the results are due.

Despite most polls showing that the outcome is too close to call, Paddy Power will pay out £400,000. Obama’s odds had fallen to a low 2/9 and over the past months 75% of money has been staked on Obama.

A Paddy Power spokesperson said: “Romney gave it a good shot and is doing well in the popular vote, but we suspect he’s had his moment in the sun and is likely to be remembered more for his legendary gaffes than Presidential potential.

"The overall betting trend has shown one way traffic for Obama and punters seem to have called it 100% correct.

"Despite Romney appealing to the large senior vote amongst others, America’s keeping it black and cool.”