EU Referendum result costly for Sporting Index

Political spread betting company Sporting Index saw unprecedented action in the run-up to Britain’s EU referendum on Thursday of last week. 

It was a painful night for the firm as its clients consistently favoured Leave throughout the campaign, resulting in a six figure loss for the company.

Sporting Index was the first bookmaker to offer a market on turnout and the eventual 72% figure contributed to the loss as spread bettors clearly believed voters would turn out in force.

Ed Fulton, Political Spokesman for Sporting Index, said: “We were getting ready to pop the champagne corks at 10pm when a Remain win looked highly likely, but by midnight the bottles were shoved back in the fridge.

“When we got to 4am it was head in hands time on the trading floor and the punters have beaten us fair and square here. On the bright side, the volume of bets for the referendum was fantastic and we look forward to round two against our customers in the US presidential election.”