Betfair cuts odds on Labour majority as Tory safe seats swing

Betfair has revised its UK politics markets, slashing the odds on the Labour Party winning a majority at the next General Election from 4/11 from 2/5 (72% chance). 

The update follows the Conservative Party losing the ‘safe seats’ of Mid Bedfordshire and Tamworth, which saw Labour overturn record Tory majorities of nearly 25,000 and 20,000 votes, respectively.

The by-election losses see the Betfair Exchange track the chances of a Conservative majority drifting to 12/1 (7.5%), along with the Party gaining no overall majority, which is now 4/1 having been 7/2 less than two weeks ago.

Betfair cites that the “the most likely scenario, according to its Exchange, is for the Conservatives to lose more than 200 seats, which is priced at 15/8”.

As 2024 looms on the horizon, Betfair reports punters’ confidence in Keir Starmer’s chances of forming a majority government is at the highest point since the market opened

Betfair Spokesperson, Sam Rosbottom said: “Following the massive swing for Labour in Mid Bedfordshire and Tamworth, Sir Keir Starmer’s chances of forming a majority government at the next election are higher than they have ever been according to the odds on Betfair Exchange.

“While a Labour majority has been heavily backed in the last several months, the odds for that to happen are now the shortest they’ve ever been at 4/11, and we are seeing them get slashed on a weekly basis, having been 2/5 less than two weeks ago.

“It’s been a bruising night for the Conservatives who’s majorities of more than 24,000 and 19,000 have been completely obliterated, and punters are now backing them to lose a record amount of seats at the next election.