Foley scandal hurts GOP chances with bettors

[Tiberius]

Since the scandal over Rep. Foley's inappropriate emails and IMs to a sixteen year old page erupted, the GOP's chances of holding the House has declined by 13%, according to the futures market at Tradesports.

Last week, a contract on the GOP keeping their majority was selling for $56. That meant if Republicans won, the contract paid $100, and if they lose, it will be worth ZERO. People were willing to pay $56 to win $44 net, then, only a few days ago.

The last contract to change hands went for $47.30, meaning the bettors now have their doubts. With Foley's own seat suddenly added to those at risk, and the recent apparent abandonment by the national party of races in Arizona's 8th and Texas' 22nd districts, winning control has suddenly become easier for the Democrats.

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edit: add link http://politics.wizbangblog.com/2006/10/02/foley-scandal-hurts-gop-chances-with-bettors.php