Bookmakers Make Tories Firm Favourites to Win General Election
Bookmakers wasted no time in responding to Theresa May’s announcement of a snap general election to take place on June 8.
The majority of bookmakers immediately slashed the odds on the Conservative Party having the most seats to 1/14. However, despite the clear lead for the Tories, due to the divisive issue of Brexit some bookmakers are offering odds as short as 5/1 on their being a Hung Parliament (no clear winner).
Soon after Theresa May’s announcement a Betfair spokeswoman, Naomi Totten, said, “The Conservatives had already been the clear favourite to win both Most Seats and an Overall Majority in the next General Election and their odds have further shortened and now have around a 90% chance of both following Theresa May’s statement that she would seek a June 8 date on Tuesday morning.”
Labour Party voters will be dismayed to hear that a Labour victory has been given the longest odds in UK political betting history. Some major bookmakers, such as William Hill, have given odds as long as 16/1. Furthermore, fans of Jeremy Corbyn won’t be pleased at the odds of 1/2 that he will be removed as leader before or on 9 June.
William Hill also released a statement with Political Lead Graham Sharpe saying, “The next General Election campaign has started badly for us – we face a £23,000 loss if the Election does go ahead on June 8 after the odds for a 2017 Election were shortened from 5/1 to 2/1. We took some £3million on the last General Election, and £5m on the US Election, so we anticipate huge betting interest on a June 8 General Election.”