Punters flooding bookmakers with bets for Labour majority
- Credit: PA
After a last minute bump in the polls suggesting a rise in support for Labour, bookmakers up and down the country have seen punters rush to put their money on Jeremy Corbyn becoming the next prime minister.
Britain's major bookies are still predicting that the Tories will win a comfortable majority with oddschecker giving 2/5 returns on bets for a Conservative majority. On the other hand, the odds of a labour majority are 20/1 (a probability of less than 5%).
Despite this - or maybe because of the potential for great returns - oddschecker are showing that one in five election bets being placed are from gamblers predicting a Labour majority.
A spokesman for Paddy Power said a Labour majority has been "our most popular selection out of all the markets at 20/1".
READ MORE: Polling mastermind John Curtice says 'underestimated' Remain vote will decide electionWriting in the Independent, finance journalist James Moore said: "It's worth nothing that some of the bookmaker's rivals are in to 16-1 on Labour springing the political shock of a century that has already seen an awful lot of them."
You may also want to watch:
Moore continued: "All 20-1 shots are not the same. A horse at that price in a 20 runner sprint [...] wouldn't come as a big surprise. By contrast, a Labour majority looks like a no hoper."
However, the punters may know something the pundits and bookmakers don't.
- 1 Jacob Rees-Mogg says it's 'all the EU's fault' musicians can't tour Europe
- 2 This chumocracy is costing our country
- 3 Bob Geldof takes swipe at No 10 saying 'lying is second nature' to them
- 4 Tory MP complains 'less scrutiny of trade deals' than when UK was in EU
- 5 No 10 says Biden removing Churchill bust ‘up to president’ despite Obama attack
- 6 Tory minister admits UK rejected EU's music visa offer in order to 'take back control' of borders
- 7 Fifteen ways to fix Britain
- 8 Piers Morgan tells Gavin Williamson to resign for being a 'catastrophe'
- 9 Poll finds Brexit-backing Wales would vote to rejoin EU
- 10 Who's on the BBC's Question Time tonight?
According to the newest Britian Elects poll tracker, the smaller parties are being further squeezed for their vote, with the Greens looking to get 3% of the vote (down 0.2%)m the Brexit Party 3.4% (down 0.4%), and the Lib Dems on track for 13.1% (down 1%).
READ MORE: Priti Patel ranked as one of the worst MPs in last parliamentAt the same time, the Tories are making little gains with their 10% lead over Labour having only grown by 0.1%, while Labour is up 1.4%, holding nearly 33% of the vote.
In the 2017 general election, Labour also made significant gains on what the polls predicted for the party, and if they can continue to make this steady rise, their may be a big pay-off for those putting their money where the mouth is on Labour.
Become a Supporter
The New European is proud of its journalism and we hope you are proud of it too. We believe our voice is important - both in representing the pro-EU perspective and also to help rebalance the right wing extremes of much of the UK national press. If you value what we are doing, you can help us by making a contribution to the cost of our journalism.