Usually, betting sites lay wagers in such a way that they get enough action from both sides. But from what I hear, they are pretty good, on the average, at analyzing odds. So far, the odds being set are heavily in obama's favor.
Example: At www.bodog.lv, if you put 100 bucks on Obama you get paid only 25 bucks if he wins. If you put 100 bucks on Romney, you get paid nearly $300 if he wins. I checked a couple of other sites and the odds for Obama are not as high, but close enough.
Do you think they see things that the mainstream analysts are not wanting to see when they pooh pooh guys like Nate Silver?
[UPDATE]; The trends is going towards Obama with each passing hour on a lot of the sites. Some sites like 5Dimes supposedly are upto -475 on Obama which means you will have to wager 475 to get $100 if he wins..
Thanks to TWOFACEMITT, here is another link:
IBJOhn had a similar diary dealing with British bookmakers on this.