Betting on Joe: Biden Is Now Heavy Favorite for Veep -- Among Political 'Investors'

09/20/2008 05:12 am ET | Updated May 25, 2011

A surge of "investments" in Sen. Joe Biden has now made him the heavy favorite to get the nod for Vice President to run with Barack Obama.

Intrade, the well-known "prediction market" where people can buy and shell shares in candidates (among other things), reports today that Biden "has overtaken Evan Bayh as the most likely running mate...In a day of frenzied trading on the Intrade political prediction market," Biden's chances gained another 18.9 points to close at 49.8% chance of victory -- up nearly 300% in the past week. Bayh, at 12.1%, is off 63%.

Tim Kaine and Kathleen Sebelius also now top Bayh, with 13% of the market. Hillary Clinton lags at 8.1%.

On the GOP side, Tim Pawlenty has gained 27 points to tie Mitt Romney at 30%, who dropped 15%. Tom Ridge was unchanged at 20% and Charlie Crist gained to 15%.

Meanwhile, in the race for the White House, investors are a little down on Obama, with his standing dropping to 60% from a high of about 70% last month.