Just put £250 on Romney at 1.58/1 on Betfair.My reading is that the market has over-reacted

— Mike Smithson (@MSmithsonPB) June 28, 2012

@omerlev @JohnRentoul Political betting markets are not there to be predictive but places where you can make money is you are smart

— Mike Smithson (@MSmithsonPB) June 28, 2012

Interesting little discussion on Twitter about the nature of political betting and whether or not it is predictive or not.

My view is that this is not what political betting is about and the more the markets get it wrong the more opportunity there is for profit.

I think that the Romney price for the President has moved too far out and that it will move in again. Hence my bet this afternoon.

At this stage I’m not betting on outcomes but how I think the markets will move.