Bettors in Britain Rush to Put Their Election Money on Powell

The British, who are great gamblers in general and in principle, are lining up to bet on a general’s principles.

Ladbrokes, Britain’s largest bookmaker, rated retired Gen. Colin L. Powell as second-favorite Thursday in the early line for next year’s U.S. presidential election.

President Clinton remained the bettors’ choice at 7-4, but Powell surged from nowhere to pass a gaggle of Republicans. A 25-1 outsider a few weeks ago, Powell was rated at 2-1 this week, after Clinton, but before Senate Majority Leader Bob Dole (R-Kan.), who was third at 7-2.

“It’s extraordinary. We’ve probably taken 20,000 pounds ($30,000) on Powell in recent days. People are willing to accept short odds even though nobody knows if he’s a Republican or an independent--or even if he will stand for election,” said Paul Austin, a Ladbrokes spokesman.

Bettor interest reflects the publicity spurt surrounding publication of Powell’s autobiography, and his first exposition of political positions. As the campaign heats up, Ladbrokes normally takes about $1.5 million in bets, but this year’s heavy early interest is unprecedented, Austin said.

Ladbrokes odds are based on “our research and money bet,” according to Austin. Early bettors picked the right winning party in eight of the last 10 presidential elections, but backed George Bush in 1992.

Ladbrokes’ odds: Clinton, 7-4; Powell, 2-1; Dole, 7-2; Sen. Phil Gramm (R-Tex.), 6-1; California Gov. Pete Wilson, 10-1; House Speaker Newt Gingrich (R-Ga.), 14-1; Vice President Al Gore, 33-1; former Tennessee Gov. Lamar Alexander, 33-1; Sen. Bill Bradley (D-N.J.), 33-1; former commentator Patrick J. Buchanan, 100-1; anybody else, 200-1.