The increase in betting activity comes in the wake of recent media coverage of Cheney's chances of winning the Republican nomination during the 2008 primaries. Washington Post journalist Bob Woodward said yesterday that it is "highly likely" Cheney will take his shot at the White House. The vice president is widely seen as the most powerful figure in George W. Bush's Cabinet and the mastermind behind many of the administration's major policy initiatives.

Hillary Clinton continues to be the betting favorite for the Democrats. Odds on Senator Clinton have moved from 6-1 to 7-2.

Despite Cheney's improving odds, former New York City Mayor Rudolph Giuliani remains the Republican favorite, with 10-1 odds. Secretary of State Condoleezza Rice has gone from 15-1 to 25-1 odds. Barack Obama, Illinois senator and darling of the Democratic Party, has also seen his stock decline and now sits as a 70-1 favorite from an opening line of 30-1.

"Wagering on the U.S. presidential election continues to evolve alongside the ever-changing world of American politics," says Alex Czajkowski, marketing director of Sportsbook.com. "Bettors are very much in tune with media reports and analyses of potential presidential candidates."

Adding to the fun and challenge, Sportsbook.com is offering odds on a number of less likely presidential candidates, from film director Michael Moore to conservative news personality Bill O'Reilly and California Governor Arnold Schwarzenegger.

Latest odds on the 2008 U.S. presidential election (from best to worst odds):

Hillary Clinton 7-2
Rudy Giuliani 10-1
John McCain 12-1
Dick Cheney 20-1
Colin Powell 25-1
Condoleezza Rice 25-1
Joe Biden 25-1
Bill Frist 30-1
John Edwards 30-1
Jeb Bush 35-1
Bill Richardson 40-1
Tom Vilsack 40-1
Mark Warner 45-1
Mitt Romney 50-1
Newt Gingrich 50-1
Tom Ridge 50-1
Barack Obama 70-1
Arnold Schwarzenegger 250-1
Bill Clinton 300-1
Bill O'Reilly 750-1
Michael Moore 7,500-1

Editor's note:
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