Home Business News Britain goes betting crazy as punters wager up to £100m on election

Britain goes betting crazy as punters wager up to £100m on election

by LLB Reporter
8th Jun 17 9:52 am

Who are you going to vote for?

Online betting site BonusCodeBets.co.uk has reported a recored breaking amount of £100m being gambled on tomorrow’s General Election, suggesting that political betting is a trend that’s here to stay.

During the 2015 election, ‘only’ £40m was gambled.

A new breed of internet-savvy, politically obsessed punters are betting on the result of the most uncertain, difficult to tell. Election in decades. To date, the biggest bet is £ 24000 pounds on Mrs May to win. 

One Londoner has bet £5 on Liberal democrats to win, odds 1000/1.

Six months ago, Corbyn was said to have a 15 per cent to win the General Election but over the last few weeks, as the Conservatives have started to lose their momentum, his chances have increased to 28 per cent , according to BonusCodeBets.co.uk.

However, despite the polls suggesting that Labour has closed the gap on the Conservatives, Theresa May is still the favourite with a 80 per cent chance to remain our PM.

Right now, most money is going on whether there will be a hung parliament or a Tory overall majority, but punters are also staking election night bets (first constituency to declare), novelty bets and even gambling on the most accurate polling company.

Alexander Kostin of Betting Expert said: “Over the last couple of years, we’ve experienced a significant increase in people getting involved in political betting. In fact, over the last few weeks, not only have we experienced an increase of over 50 percent in people looking to place bets ahead of the General Election, but the amount wagered has more than doubled to the money placed on the candidates in the 2015 Election.”

“We’ve also spotted an interesting trend amongst our gamblers, which is that Corbyn is becoming a favourite amongst those that voted ‘Remain’ in the EU referendum last year. In fact, nearly half of people who betted against a Brexit outcome are now backing Corbyn.”

Alexander added: “As political betting becomes more and more popular, there is a growing belief that betting markets will become more than just a financial exercise. Properly used, they will be able to tell us what that future is likely to be. We created, almost by accident, a high-tech crystal ball that taps into the accumulated expertise of mankind and makes the wisdom of the crowd available to all. In this brave new world of prediction markets, it seems only sensible to make the most of it.”

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