William Hill makes Obama odds-on favorite to win election

William Hill Plc on Tuesday updated its odds overseas on the U.S. presidential election.

The updated odds were released as President Barack Obama and Republican candidate Mitt Romney focused on the final two weeks of the 2012 campaign following Monday's final debate.

William Hill trimmed President Obama's odds from 4-9 to 2-5, making him a clear favorite to defeat Romney on Nov. 6 and win a second term. The Republican challenger's odds have shifted from 7-4 following last week's debate to 15-8, the British bookmaker said.

"The final debate does not seem to have given either man any huge boost, but with Obama avoiding another clear defeat, he appears now to be in pole position for the race to the White House," said William Hill spokesman Graham Sharpe.

William Hill owns 159 sports books and kiosks in Nevada. Just one problem - gamblers can't place wagers on the 2012 presidential election since the company did not seek regulatory approval to post odds and take bets in Nevada.