Corbyn’s turn sees bookmakers point towards a ‘Snap Christmas’

Bookmaker trading teams have rushed to revise their UK political betting markets, as media reports that opposition leader Jeremy Corbyn will change the Labour Party’s stance on a December General Election (yet to be confirmed).

With EU leaders agreeing to extend Article 50 negotiation terms until 31 January 2020, and with Conservative Party opposition withdrawing ‘No Deal Brexit’ from negotiations, it appears that conditions for a General Election call have been satisfied.

A vote in Parliament tonight will decide if the UK gets its first Christmas General Election since 1923 – as Paddy Power becomes the first bookmaker to suspend its market on a December Snap Election call.

Issuing a market note, Paddy Power saw odds crash from 1/5 last night for an election call to take place before Christmas, into 1/25 this morning, before the bookmaker suspended the market taking no further bets.

Spokesman Paddy Power said: “It’s taken Boris four attempts, but it looks like this one could be all but sorted as Jeremy Corbyn’s Labour have swung their position on a snap poll.

“We saw our odds crumble significantly this morning, and have since decided to stop taking bets on a general election taking place this year altogether – it’s nailed on.”

Early UK 2019 General Election markets, see the Betfair Exchange price a Tory ‘overall majority’ at 10/11, whilst odds of Labour majority are currently priced at 23/1, trading at the same odds as the UK 2017 Snap Election.

Betfair Spokesperson Katie Baylis said: “With Labour finally confirming they will back a December Election, the biggest question will be can Boris Johnson secure the majority he is so desperately after and according to Betfair Exchange the answer is yes.

“The Tories are odds-on for the first time since the last election at odds of 10/11 for an Overall Majority, with No Overall Majority at 11/10, while it’s no surprise Labour were so reluctant to go to the polls as they are at odds of 23/1, the biggest odds they’ve had since that last election.”