The Labour Party has hit its shortest price of 15/1 since the snap call for a UK General Election (8 June).
The opposition party makes its comeback as the latest YouGov election polls have the Conservative Party ahead by a 9-point lead. Betfair Politics maintains the Tory as 1/18 market favourite (94% chance of winning) to maintain its government.
Updating the media, Betfair Politics informs that 65% of bets placed over the weekend have been wagered on a Labour victory as its UK 2017 General Election market hits the £6 million in matched wagers.
Betfair Spokesperson, Katie Baylis, commented on the market : “While the Tories are still heavy odds-on favourites on both of the major markets of Most Seats and Overall Majority, there’s no doubt Labour’s odds are moving in the right direction for Jeremy Corbyn.
“With a lot of criticism of the Conservative’s manifesto and the polls reflecting that, it’s perhaps no surprise that Labour have had a surge in backing from punters, with 65% of bets on them over the weekend. However, we are still seeing big money for the Tories, with one punter staking £65k on them over the weekend.”