the betting markets have not been efficient so far, scalps were easy during the primaries if you did not mind tying up funds for a few months. i don't think mccain has a chance but if the returns come in and mccain picks up a few states he is not supposed to the line will drop fast on obama
Take the same scenario and play it out 10 times. I say McCain wins at least once. IMHO it has value.
Actually this is not a good point. At fivethirtyeight.com nate Silver runs thousands of simulations and he has Obama winning 98.1 percent of the time.
So at +1000 you are basically taking your money tossing it in the fire place and watching it burn.
I'm a big fan of Nate's work, both politics and baseball. There are essentially two factors that he can't account for (and would => a McCain win), and those are Election fraud and universal mispolling (most likely in weightings).
I don't think either is particuarly likely. However, in far more than 2.x% of scenarios McCain wins enough to keep it close enough that you'll get a better price on Obama at some point tomorrow.
I have a fair amount of ~ +1430 McCain on Betfair which I'll be trading with tomorrow, plus various handicaps and spread bets on the Electoral College.