No sooner was Barack Obama elected the United States` new president on Wednesday than Ireland`s leading bookmaker made him the 4-5 favourite to win the presidential election in four years` time.

Paddy Power also said Republican vice-presidential pick Sarah Palin -- who will return to her job as Alaska governor following her running mate John McCain`s defeat -- as 3-1 favourite to win her party`s nomination in 2012.

She was given a 7-1 chance of unseating Obama in the White House that year.