Bookies expect £20m to be staked on EU referendum outcome

Updated

Bookies are expecting £20 million to be gambled on the outcome of the EU referendum - making it the biggest political betting event in British history.

Bookmakers William Hill said the frenzy of excitement over the looming vote has prompted some people to place bets for the first time.

They include a woman from central London who has placed her first ever bet by putting £100,000 on the UK voting to stay. She stands to make £40,000 if the vote goes her way.

And another woman from Kingston in south-west London has gambled for the first time by staking £10,000 on Leave.

William Hill spokesman Graham Sharpe told the Press Association most people will wait until Thursday to place their bets. He said: "We are expecting to see a big flurry of betting on Thursday, that's what happened in the Scottish independence referendum.

"At the moment the biggest political betting event is the Scottish independence referendum, and that did surprise us because we thought that as it was a two horse race there would be little interest in it.

"We are more aware this time around and aren't so surprised in the interest.

"There is a growing appetite for betting in politics, the Scottish independence referendum showed us that. We saw a similar phenomenon in the general election, the Labour leadership and the London mayor.

"It has spread from a niche market with people in the Westminster bubble the main clients seeking bets, now there is much more interest, people feel much more connected to this event."

Mr Sharpe said so far 66% of all the money staked on the EU referendum has been placed on Remain, but 69% of all individual bets placed are for Leave.

William Hill on Monday cut their odds for Remain twice, as they went from 4/11 to 1/3 and then to 2/7 (a 77% chance), while Leave was lengthened twice, from 11/5 to 9/4, then to 13/5 (a 27% chance).

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