: Bookmakers Facing Losses as Jeremy Corbyn Remain Favourite
Jeremy Corbyn’s emergence as the strong favourite to become the next leader of the Labour Party may result in some heavy losses for bookmakers.
Corbyn started at 100/1 at William Hill, 200/1 at Ladbrokes and 980/1 at Betfair. However, a poll last week predicted a first round victory for Corbyn in the leadership contest and betting companies are being forced to drastically slash the odds. Now the odds at major bookmakers range between 1/2 and 1/3 as they strive to avoid repeating the embarrassment of calling the general election wrong.
Ladbrokes lost £1 million after the general election and they are set to lose £50,000 if Corbyn wins the coming contest. William Hill has also said that they are heading for a loss and are desperate for anyone other than Corbyn to win. However, as things stand it seems that come September 12th the bookies are going to have a tough day.