Bookmakers Payout Over £1 Million Following Jeremy Corbyn Victory

Over the weekend it was announced that Jeremy Corbyn was elected the new Labour leader with an incredible 60% of votes.

Regardless of what one thinks of Corbyn it was bad news for bookmakers as they were facing payouts of over £1 million after his odds went from 200/1 outside to 1/20 favourite. A spokesman for William Hill said that the result has cost William Hill alone a six figure sum and that over a million pounds was gambled on the result industry wide making it the biggest political betting payout ever.

Already the odds have led to further betting markets. William Hill is now offering odds that 7/4 that Jeremy Corbyn will lead the party into the next General Election and 2/5 that he won’t. Furthermore, the bookmaker has lengthened the odds on Labour winning an overall majority at the next Election from 7/2 to 9/2 while shortening the odds on the Conservatives from 6/5 to 1/1.