Betfair Politics has recorded £750,000 in exchange wagering in the first 24-hours since opening its ‘UK 2017 General Election’ market.
The operator launched the market, shortly after PM Theresa May surprised the nation by calling for a ‘Snap General Election’ in order to strengthen her Party’s Brexit negotiations mandate.
Updating the media, Betfair Politics informs that it is seeing a strong backing of the Tory Party to win by ‘overall majority’ and secure the ‘most number of seats’. Since opening its market, Betfair has reported 88% of volume traded on its Exchange favouring a ‘Conservative overall majority’ victory come 8 June.
The Betfair Exchange has little hope for the Labour Party, who are currently backed at a record 18/1 to ‘win the most seats’.
Betfair Spokesperson, Naomi Totten commented on the market: “The Conservatives were already odds-on to win most seats prior to Theresa May’s announcement and are now trading with a 93% chance of doing so. A Tory majority win had also been trading at 4/5 early Tuesday morning, implying a 57% chance, until they were backed into a low of 1/8 after the election was called, giving the blue party an implied 89% likelihood of winning an overall majority.
“Despite the Liberal Democrats still being around a 50/1 shot, a quarter of all bets placed on the Most Seats markets have been on Tim Farron’s party, with punters perhaps expecting their position as the only anti-Brexit party to pay off in some fashion.”