British bookmakers have declared the EU Referendum to be the largest political betting market of all time as wagers pass the £100 million mark.
This morning Ladbrokes stated that its ‘EU Referendum’ market had become its biggest non-sporting event of all time, beating the previous record held by last year’s UK General Election.
William Hill declared that its customers had staked over £70 million on its Referendum market, with Betfair further detailing this week that its exchange had hit a £45 million wagering mark.
Put into context bookmakers stated that the market’s size could be comparable with an England football match, the Epsom Derby or the Cheltenham Gold Cup race.
Bookmakers have been waiting for months in anticipation of the market’s outcome, as William Hill detailed that it had taken its first bet on a ‘BREXIT’ vote in 2013.
As the market entered its final month, UK bookmakers have seen mass fluctuations in market pricing as professional punters have wagered heavily on the outcome. Last month for instance William Hill detailed that a Yorkshire customer had placed a staggering £100,000 on a ‘Remain’ outcome.
Market intricacies have seen the majority of the money wagered for ‘Remain’, but industry insiders said a large majority of individual bets have been placed on a vote to leave
Updating the market this morning Betfair detailed that at present its exchange favours a ‘Remain’ outcome at a probability of 77%.
However, political commentators should take note on market readings, as bookmakers reputation as pollsters took a beating in 2015 by failing to call the outcomes of the Scottish Referendum and The UK General Election.
Betfair spokesperson Naomi Totten discussed just how much today’s betting might affect the overall turnover on this event: “Remain has been backed hard again this morning with the price coming in from 1.3 (1/3 or a 77% chance) to 1.17 (2/13 or an 86% chance) on the back of £4m traded. There was nearly £10m traded on the day of the Scottish Referendum so the market will be worth watching closely as polling day continues.”
With such pressure the UK betting industry will want to call the EU Referendum correctly, or loses its reputation ‘the best political indicators’