Bodog Beat

Stephen Colbert has announced his candidacy for president. (Courtesy Comedy Central)

On Tuesday night, "The Colbert Report" host, Stephen Colbert officially announced that he intends to run for president.

"After nearly 15 minutes of soul-searching, I have heard the call," Colbert said. "I shall seek the office of the president of the United States!"

Colbert said he planned to run in his native state of South Carolina, "and South Carolina alone" as both a Democrat and Republican, explaining, "I can lose twice."

"If Stephen fulfills the requirements met in our delegates' election plan and he actively campaigns in South Carolina, we welcome him to compete," executive director of the South Carolina Democratic Party, Joe Werner said in an interview with CNET News.com.

Werner added, "From what I understand, he does have credible people down here, working to have him placed on the ballot."

Bodog oddsmakers have listed Colbert as a 600/1 longshot with democratic favorites Hillary Clinton sitting pretty at 3/2 and Barack Obama at 9/2. Place your political bets, folks.