I'll chime in with my take, I.O...
As the polls opened here in the US of A, its already the middle of the afternoon in Europe and evening in places like The Middle East and China.
As we tend to forget, these offshore sportsbooks are gobal in their customer bases. The VERY early exit polling done here in the states-- primarily on the East Coast--who overwhelming voted for kerry-- showed it was to be a rout for Kerry. Most of us hadn't even had our Frooty Pebbles while this was going on, but the rest of the world had to be giddy over the fact that they wouldn't have to deal with four more years of Bush, and so they thought they were getting some free money when they started betting Kerry at lines like +120.
So now all this money is pouring into all these books on Kerry, so they have no choice but to try and intice money on Bush..so the line swings back the other way.
I put a unit on Kerry at +120 at WSEX at approx. 9 PM CST Monday night, and just happened to check the lines on Tuesday morning, when my eyes about popped outta my head when it now was Bush +160. I hedged so fast I thought I'd get an e-mail later telling me I bet into a bad line.
Thats my take, FWIW. Anyone else have one? I'd really like to hear what the buzz was from some of our European members if they have an opinion...