Romney is Betting Favorite to Win Iowa Over Ron Paul and Santorum

Paddy Power, the largest odds keeper in Ireland, looked out at the Iowa caucus and made Mitt Romney the favorite to win the event on Tuesday night. The former Massachusetts governor gets even odds to win the caucus. Rick Santorum and Ron Paul are tied for second with 2-1 odds each, followed by Newt Gingrich at 20-1, Rick Perry at 33-1 and Michele Bachmann at 50-1. Jon Huntsman, who has ignored the caucus, is a severe underdog at 100-1.

The race for the Republican nomination really is heating up," said Paddy Power in a statement. Romney is the clear favorite at the minute, but with this race already having had so many twists and turns we could have a few more surprises before the end.

The book maker's odds favored Barack Obama in the 2008 elections.