Michael Ignatieff is the odds on favourite to win the Liberal Party of Canada leadership, according to online betting Web site www.pinnaclesports.com.
The site lists the current MP for Etobicoke-Lakeshore at 5/9 odds while his former college roommate (and former premier of Ontario) Bob Rae is his closest contender at 7/2.
"Obviously we're predominantly sports betting so the political bets, although it's certainly a new and exciting area of our company, it does pale in comparison with the amount of wagers we would receive on an average NHL game," said Pinnacle Sports UK CEO Simon Noble. "But it's becoming increasingly more popular."
Noble said that Pinnacle Sports has had every federal election listed on the site since Jean ChrC)tien won his third term, as well as all of the national leadership races.
"We are looking at beginning with the provincial races soon," he said.
The site has seen a lot of interest coming in from Canadian bettors, with thousands placing their bets for the January elections, according to Noble.
U.S. presidential elections are also on for wagering.
The Bush versus Gore cliff-hanger was a popular punt and helped pave the way for the growing interest in placing bets on political races, said Noble.
"It all came about because it's very topical, but as well, many clients and customers were requesting odds on the various political races."
Former Montreal Canadians goalie Ken Dryden is a bit of a long shot with 200/1 odds while Martha Hall Findlay would appear to be the biggest underdog at 500/1.
Following are the current odds for the Liberal Party of Canada leadership race:
Michael Ignatieff 5/9
Bob Rae 7/2
Stephane Dion 8/1
Gerard Kennedy 9/1
Ken Dryden 200/1
Joe Volpe 300/1
Scott Brison 400/1
Martha Hall Findlay 500/1
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