An artists rendering of the Chicago 2016 stadium. Provided by Chicago 2016

An artist's rendering of the Chicago 2016 stadium. Provided by Chicago 2016

Online betting sites are giving Chicago the edge in the high-stakes race to win the right to the host the 2016 Summer Olympics.

Several overseas-based betting sites list Chicago as the odds-on favorite, predicting President Barack Obama will give his hometown an edge. The sites also note that in 2016 it will have been 20 years since an American city played host to the Games.

One site lists Chicago's odds of landing the Olympics at 8-to-11, better than even. The second favorite with bookies is Tokyo (3:1), followed by Rio (7:2) and Madrid (8:1).

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