Betfair Exchange sees £750k matched in first 24 hours of UK 2017 General Election trading

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.”

Check Also

Finnish authorities crack down on illegal gambling advertisements

Finland’s Police and Transport and Communications Agency Traficom have confirmed that they are going to …

Legacy Continues… Betway renews West Ham lead sponsorship

Betway has renewed its largest marketing commitment, after extending its ‘principal sponsorship’ with Premier League …

Marathonbet named as sponsor for Windsor’s Summer Sprint Series

Marathonbet has penned a new deal with Arena Racing Company (ARC) and Royal Windsor Racecourse …