PLACING bets on anything and everything in Ireland and the U.K. is a national pastime, and top Irish bookie Paddy Power is offering an assortment of odds on all kinds of American political matters in the wake of Barack Obama's election.

Who's gonna be Obama's GOP opponent in 2012? None other than his recent nemesis Sarah Palin who, to justify low odds of 3-1 to win the Republican nomination, has a lot of boning up to do during the next four years in Alaska!

Power is offering only 2-5 odds that Obama's first act as president will be a full troop withdrawal from Iraq. (Message to Power -- it's the economy, stupid!) The bookie is also offering 6-1 odds on the capture/death of Osama bin Laden, 7-1 odds that the country as a whole will recognize gay marriage (never mind that liberal California just vetoed same), and 12-1 odds that pot will be legalized in the country.

Some wild and wacky occurrences are also worth a bet, and if any of them were to come true the punter could walk away mighty rich. You'll get 50-1 odds that the first moonwalk will be confirmed as a fake by President Obama. Discovery of aliens on Mars is offered at 500-1, and, finally, you'll make $1,000 if you bet only $1, provided that Elvis is found in the White House basement.

What's the first foreign country Obama will visit as president? Paddy Power says England (3-1), followed closely by France (10-3), Afghanistan (4-1) and Iraq (5-1).

What about Ireland? It's way down the list at 40-1. Even Cuba comes in with better odds at 33-1. (Message to Power -- we've got a major embargo going on over there!)

The Obamas are already parents to two lovely girls, but who knows, they're both young enough to have another go around with diapers. You'll get 10-1 odds on Obama becoming a father again during his first term . . . and 33-1 odds for him being impeached during his first term.