SBC News "Done Deal" for Labour as Paddy Power pays out early on Corbyn victory

“Done Deal” for Labour as Paddy Power pays out early on Corbyn victory

Votejeremy

Paddy Power has announced another early political pay-out, as the bookmaker confirmed that it had cashed out + £100,000 on Jeremy Corbyn winning the Labour Leadership Election.

Releasing a statement to the UK media, the bookmaker reported that it had closed the political market with almost a month of party member voting left (results will be announced on 12 September).

The operator stated that it felt that the Labour leadership race was a ‘done deal’, further describing the North Islington MP’s campaign as the “biggest upset in UK political history”.

Corbyn had not even featured as a candidate in many bookmakers ‘Labour Leadership’ when markets opened at the end of May.

The far-left union supported Corbyn, appears to have beaten the politically favoured Labour stalwarts of Andy Burnham, Yvette Cooper and Liz Kendall. To date all party polls commissioned have Corbyn maintaining a clear lead over the chasing pack.

Paddy Power’s early pay-out on a Corbyn victory, would appear to be a brave decision as 2015 has not been kind to UK bookmaker’s ambitions as political indicators.

In July Paddy Power paid out early on a “Yes Vote” for the  Greek Euro referendum, which saw a a lopsided 61% NO vote win. The bookmaker declared that it had lost £ five-figures by taking the decision to pay-out early.

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