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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
-

So in Nevada for example Obama is -200

That means if you bet $20 you win $10 and you get your original bet back

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