William Hill has stated that Jeremy Corbyn’s Labour leadership victory, has hit UK bookmakers for millions of pounds.
Alerting the UK media this weekend, William Hill stated that Corbyn had achieved the biggest UK political gamble ever.
An unprecedented campaign which saw far-left Corbyn as a 200/1 leadership outsider in May, caught momentum with Labour party members and powerful trade unions. The candidate’s odds would swing from 200/1 (starting price) to 1/20 (period: 8-13 September )
Detailing market activity, William Hill Spokesman Graham Sharpe commented “The gamble has cost William Hill alone a six figure sum, and with up to a million pounds gambled industry-wide it will be the biggest political betting payout ever”
Following the appointment of Corbyn as new Labour leader, William Hill announced that it was offering 7/4 odds on Corbyn leading the party at the next General Election, with 2/5 that he would not see his leadership through.
William Hill have lengthened the odds for Labour to win an overall majority at the next Election from 7/2 to 9/2. The Conservatives have been cut from 6/5 to Even money to win again by an overall majority, with a Hung Parliament offered at 11/8.
Jeremy Corbyn is 7/1 third favourite with William Hill to become the next elected prime minister; with George Osborne 5/2 favourite and Boris Johnson 7/2 second favourite.
The bookmaker further detailed that Blackburn resident Ethan Parker had placed £10 wager on Corbyn becoming Labour leader. The political punter commented on his £2000 win
“At 200/1 I couldn’t resist. I felt it was going to get ridiculous, Labour were going to bury themselves and there was a potential cash reward just for watching it unfold! If you’re certain something will happen, what do the odds matter?“.