UK general election: Political betting expert explains latest odds in video as £12.5M wagered so far
With just less than a month to go until the UK General Election on July 4, £12.5M has been wagered on the outcomes of the polls. In 2019, £50M was staked on the UK General Election and the 2020 US election became the single biggest betting event of all time with £1.7B wagered.
Sam Rosbottom, political betting expert at Betfair, believes political betting is becoming more popular, with people wanting to have their say on who they think will win.
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With Betfair’s Betting Exchange, odds are generated based on who's betting on what. This means massive margins for change as pre-election events happen.
Sam says in certain circumstances punters can be quick to flip the odds, however, as things stand, they are heavily favouring a labour majority.
What are the latest UK general election betting odds?
Sam says Labour are currently dominating the market for most seats, as short as 1/33 to win, which is roughly around a 97% chance.
Around £3.6M has been staked on the overall majority market, with 72% of that money in favour of Sir Keir Starmer’s party. Labour are the overwhelming favourites to win an overall majority at 1/11 which gives them about a 92% chance.
Another market is how many seats the Conservatives will lose at the election. Around 201 or more seat losses is the overwhelming favourite at short odds of 1/3.
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