As the US begins voting in the closest presidential race in a decade, all the major betting sites appear confident that Barack Obama will return for a second term.

US election 2012

Across the US, around 120 million voters are preparing to back red or blue; on the challenger Mitt Romney or the incumbent Barack Obama.

After the tumult of the televised debates and the billions of dollars spent on campaigning in the last year or so, all will – or at least should - become clear in the next 24 hours.

Current polls and predictions suggest that President Obama has a narrow but distinct advantage. But for the online bookmakers, there would appear to be only one winner.

As of 9am GMT, the majority of sites have Obama as a 1/3 or stronger favourite. Bet365 and Betfair have the Democrat incumbent at 1/4 while SkyBET, Boylesports, BetVictor, Paddy Power and more have the current president at 1/5.

The shortest prices on a Mitt Romney victory can be found at bwin, Coral and Stan James, each with the Republican at 3/1. The longest odds on a Romney inauguration in January can be found at Ladbrokes, Paddy Power and bet365, all at 7/2.

With 90 million Americans yet to vote, the runners won’t see the finish line for another 24 hours or so. The bookmakers, however, are firmly backing Barack.