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@H-Bomb
Depends.
In 2000 it took over a month, due to Florida being too close to call.
But in most elections it's clear earlier, as most states are clear wins for one of the parties, and only a few states actually make the difference.
The states have different amount of votes, depending on their size.
The ones predicted for Obama are worth 237 votes, the ones predicted for Romney are worth 191.
That leaves 110, and to win a candidate needs 270.
The key ones this time are (from East to West)
New Hampshire (4)
Virginia (13)
North Carolina (15)
Florida (29)
Ohio (18)
Wisconsin (10)
Iowa(6)
Colorado (9)
Nevada (6)
We should effectively know the result when Florida and Ohio are called.