SBC News Voice of the Sports Betting Industry
Updating its UK political markets, Paddy Power becomes the first bookmaker to suspend wagering on a UK 2019 General Election being triggered, following news that Prime Minister Boris Johnson has called for a senior cabinet meeting later this afternoon.
Commenting on market trading, Paddy Power details that odds on a General Election being officially announced had fallen from 2/5 this morning, to 1/5-and-1/10 in the past hour, forcing the bookmaker to withdraw the market.
“Boris Johnson’s cabinet meeting announcement has sent the betting on a general election to take place this year into overdrive,” said Paddy Power. “And, as a result, we’ve been forced to stop taking any further bets on it.”
Current trading sees Paddy Power maintain the Conservative Party at odds-on 4/11 market favourites to win a snap UK election, as PM Johnson seeks to significantly increase his working majority in Parliament, allowing him to proceed with a No Deal Brexit.
Pricing Tory opposition, Paddy Power has a divided Labour Party trading at 3/1 and the ‘no Brexit’ Liberal Democrats valued at 11/1 to upset Johnson’s mandate.
In addition, the Irish bookmaker has priced Nigel Farage’s Brexit Party at 16/1, as PM Johnson hardens his stance on taking Britain out of the EU ‘do-or-die’.
Closing its update Paddy Power details that a chaotic week of UK politics, in which PM Johnson prorogued Parliament has made a no-deal Brexit the most likely outcome as odds fall from 11/8 this morning to 11/10 at current trading.
Meanwhile, 24 hours of frantic trading driven by Johnson summoning his senior cabinet led Betfair to report that Exchange odds on the government calling for an October Election have plummeted from 7/2 yesterday to 1/2 this afternoon.
Betfair Spokesperson Katie Baylis said:“In the last few hours we have seen the odds of an October election plummet from 7/2 on Betfair Exchange to odds-on this afternoon at 1/2 as speculation mounts after the PM called an emergency Cabinet meeting this afternoon in which many suspects he may be getting support for an imminent General Election.
“At this stage the Tories are at 6/4 for an overall majority at the next election, with Labour at 14/1, however no overall majority is favoured at odds-on 4/5, and we expect a huge amount of activity across all our political betting markets in the next 24 hours.”
