Bookmakers shorten Tory odds as Labour comeback fadesby Joker 07.06.2017 0 comments
With less than 24-hours to go until polling stations open, UK bookmakers have shortened the odds on a Conservative Party UK 2017 General Election ‘majority victory’.
This morning Paddy Power Politics, detailed that it had cut its ‘Tory Majority’ price from 1/4 to 2/9. Furthermore, the bookmaker has drifted Labour leader Jeremy Corbyn’s chances of becoming PM to 4/1, having peaked at 11/4 following the live TV debate on 31 May.
Coming into the final day of campaigning, Paddy Power informs that ‘the Conservatives have re-asserted their dominance, with more than 70% of Paddy Power’s total turnover coming for the Tories.
Company spokesperson Paddy Power said: “Labour have done the unthinkable in recent weeks and made this almost a two-horse race. I say almost, because Jeremy Corbyn’s chances are still a fairly distant 4/1. Not that Jeremy knows – it’ll take him a few hours to find that figure on his iPad.”
Betfair Politics agrees with Paddy Power, shorting the Conservative Party to 1/11 to win most seats. The bookmaker has highlighted a ‘75-99 seat advantage’ with the Tories 5/1 favourite in its ‘Size of Conservative Majority’ market.
At present, Betfair reports that it has recorded £40 million wagered across all of its UK 2017 markets, with the bookmaker estimating that the figure will likely reach + £60 million by ‘result time’.
The target figure would see UK 2017 become the third biggest political betting event in Betfair’s history, behind 2016 US Presidential Election (£250 million) and Brexit (£127 million).
Betfair Spokesperson, Katie Baylis said: “We have seen a slight move towards the Tories on our main markets in the last 24 hours, with their odds now shortening slightly to 1/11 to win Most Seats and 2/9 for an Overall Majority. However, 60% of bets on the Most Seats market have been for Labour, showing there is still plenty of appetite to back them at their current odds.”
“In recent political events like the US Election and Brexit we saw vast amounts of money bet in the final few days, despite the fact that both Remain and Hilary Clinton were heavy odds-on favourites. Punters were no doubt encouraged by the closeness indicated by the polls and the uncertainty around the result right down to the wire.”