Bets of £5000 a time for John McCain to beat Barack Obama and win the race to become the next US President have seen his odds cut from 2/1 to 13/8 by William Hill, who have lengthened Obama, who remains favourite, from 4/11 to 4/9.

'Given the current international situation and the fact that there seems to be little between McCain and Obama in the opinion poll results, punters have been backing the outsider McCain to win the Presidential race,and as a result his odds have been shortening and the two are now closer in betting terms than at any time since Obama won his Party's nomination' said William Hill spokesman Graham Sharpe

'The biggest bets we have taken for McCain are two of £5000 and this week we have taken another of £4000 from a client who bets regularly on politics with some success, whereas the biggest bet for Obama during August was one of £1000 from a London betting shop customer.'

William Hill predict that over £10million will be gambled on the outcome of the US Presidential Election before it is finally settled.