Here are the latest odds form Sportsbook. Romney is a big underdog.
2012 US Pres Election Winner is determined by who receives Majority Electoral Votes
Barack Obama -190 Mitt Romney +175
Ohio - Winner of this State in the 2012 US Presidential Election
Mitt Romney +135 Barack Obama -165
Florida - Winner of this State in the 2012 US Presidential Election
Mitt Romney -125 Barack Obama -105
Virginia - Winner of this State in the 2012 US Presidential Election
Mitt Romney +105 Barack Obama -135
Pennsylvania - Winner of this State in the 2012 US Presidential Election
Mitt Romney +400 Barack Obama -600
Colorado - Winner of this State in the 2012 US Presidential Election
Mitt Romney +140 Barack Obama -170
North Carolina - Winner of this State in the 2012 US Presidential Election
Mitt Romney -285 Barack Obama +220
Nevada - Winner of this State in the 2012 US Presidential Election
Mitt Romney +160 Barack Obama -200
Wisconsin -Winner of this State in the 2012 US Presidential Election
Mitt Romney +130 Barack Obama -160
Michigan -Winner of this State in the 2012 US Presidential Election
Mitt Romney +300 Barack Obama -400
New Hampshire -Winner of this State in the 2012 US Presidential Election
Mitt Romney +200 Barack Obama -250
Iowa -Winner of this State in the 2012 US Presidential Election
Mitt Romney +110 Barack Obama -140
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So in Nevada for example Obama is -200
That means if you bet $20 you win $10 and you get your original bet back