POLITICAL BETTING: People are placing huge bets worth up to £70,000 on a Conservative majority in June
Reuters
Britain’s Prime Minster Theresa May in Dudley on April 22, 2017.
LONDON — Following the Conservatives’ landslide victory in local elections on Friday, bookmakers are offering odds of just 1/12 on a Conservative victory in June’s general election, meaning that a £1 bet would return a mere £1.08.
That hasn’t put people off betting on the party: Bookmaker William Hill has taken several huge bets, including one £70,000 bet and a £36,000 wager placed on Friday by an online customer in Fulham.
William Hill spokesman Joe Crilly said: “While a Conservative majority looks relatively unbackable to your average punter, the big bets have started to come out of the woodwork with one punter in Fulham this morning risking £36,000 to join our countless other five-figure wagers, including one of £70,000.”
“It’s an oft-used term, but people really do see a Tory majority as ‘buying money’,” he said.
Labour’s odds of gaining a majority are 14/1.
These were William Hill’s general election odds on Friday:
Conservative majority: 1/14 (£1 would return £1.07)
No overall majority: 8/1 (£1 would return £9)
Labour majority: 14/1 (£1 would return £15)
Liberal Democrat majority: 50/1 (£1 would return £51)
UKIP majority: 150/1 (£1 would return £151)
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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