Stephen Dinan The Washington Times - December 5, 2011, 10:51AM

Paddy Power, an Irish bookmaker, says Newt Gingrich is the favorite to win Iowa’s caucuses next month and is running even with Mitt Romney in the overall national race for the Republican presidential nomination.

Paddy Power gave Mr. Gingrich 8-15 odds to win Iowa and said both he and Mr. Romney are at 5-4 odds to win the overall nomination.

“Right now it’s hard to look past Romney or Gingrich for the Republican nomination, but as Obama showed us last time out anything is possible in a U.S. election year!” the bookmaker said.

Overall, the oddsmaker still gives President Obama the edge in next year’s general election at 10-11 odds.