(5 January 2012) Irish betting company Paddy Power yesterday refunded just over €5,000 ($6,422) to customers who placed a bet on Rick Santorum to win the Iowa caucus, after the former Pennsylvania Senator lost to Mitt Romney by 8 votes.

Paddy Power a spokesperson for Paddy Power said:  “Having lost by only 8 votes the Rick Santorum supporters had every reason to be disappointed but as far as we’re concerned the margin for error is just too small and we’ve decided to refund the money.”

Elsewhere, Mitt Romney is the clear favourite at 1/25 with Paddy Power to win next weeks New Hampshire primary. He’s followed in the betting by Rick Santorum at 16/1 and Jon Huntsman at 18/1, while Rick Perry is the rank outsider at a massive 80/1.

New Hampshire Primary
1/25    Mitt Romney
16/1    Rick Santorum
18/1    Jon Huntsman
20/1    Ron Paul
25/1    Newt Gingrich
80/1    Rick Perry

Republican Presidential Nomination
1/5    Mitt Romney
10/1    Rick Santorum
14/1    Ron Paul
16/1    Newt Gingrich
20/1    Jon Huntsman
50/1    Rick Perry

Next President
8/11    Barack Obama
13/8    Mitt Romney
20/1    Hillary Clinton
25/1    Ron Paul
25/1    Rick Santorum
33/1    Newt Gingrich
40/1    Jon Huntsman
100/1    Rick Perry