With just over two days to go before the US goes to the polls, one bookmaker is already paying out to punters who backed Barack Obama to win the election.

Despite national polls still showing an extremely tight race with Republican challenger Mitt Romney, Paddy Power believe it is a done deal and that the incumbent president is a certainty to win.

The bookmakers have risked paying out £400,000 if Mr Romney wins but a spokeswoman said because Mr Obama remains ahead in the state polls, Paddy Power were "sticking their neck out".

Betting has been "one-way traffic" for Mr Obama, according to the bookmakers.

Prior to paying out, Mr Obama's odds fell to a low 2/9 and over the past months Paddy Power have seen 75% of money staked go the Democrat's way.

The spokeswoman said: "Romney gave it a good shot and is doing well in the popular vote, but we suspect he's had his moment in the sun and is likely to be remembered more for his legendary gaffes than presidential potential.

"The overall betting trend has shown one way traffic for Obama and punters seem to have called it 100% correct."

The bookmakers continue to offer betting right up to and including Election Day. One of the most popular bets currently on offer is predicting the winning margin of the successful nominee on November 6.