Punters flooding bookmakers with bets for Labour majority

PUBLISHED: 12:07 06 December 2019 | UPDATED: 12:07 06 December 2019

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. Photo: Jonathan Brady/PA Wire

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. Photo: Jonathan Brady/PA Wire

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.

Become a Supporter

Almost four years after its creation The New European goes from strength to strength across print and online, offering a pro-European perspective on Brexit and reporting on the political response to the coronavirus outbreak, climate change and international politics. But we can only continue to grow with your support.

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".

You may also want to watch:

READ MORE: Polling mastermind John Curtice says 'underestimated' Remain vote will decide election



Writing 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."

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.

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 parliament



At 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

Almost four years after its creation The New European goes from strength to strength across print and online, offering a pro-European perspective on Brexit and reporting on the political response to the coronavirus outbreak, climate change and international politics. But we can only rebalance the right wing extremes of much of the UK national press with your support. If you value what we are doing, you can help us by making a contribution to the cost of our journalism.

Become a supporter

You've seen the news, now discover the story

The New European is committed to providing in-depth analysis of the Brexit process, its implications and progress as well as celebrating European life.

Try 13 weeks for £20

Latest Articles

Most Read

latest issue

ANTI-BREXIT EVENTS

Find your nearest pro-European campaigning activities, talks, protests and events nationwide.