Bookie Odds For Brexit Tumble To 17% In Last Minute "Betting Frenzy"

Update from Telegraph:

Paddy Power has announced Remain has a 93% chance of success in the EU referendum vote after a flood of last minute bets were placed on the In campaign.

 

Stephanie Anderson, Politics Trader at Paddy Power said: “After opening the day at 1/3 we’ve had no choice but to cut REMAIN into 1/12 this morning after a constant stream of money.

 

"Punters have been waiting until the day of the vote to part with their cash and REMAIN is all they’re interested in. As a direct result LEAVE has drifted out to 7/1 and that could move out even further as the day goes on.”

 

Paddy Power has seen £500k bet on Remain in the past five days  including more than ten five-figure bets.

 

It makes the EU Referendum the biggest political betting event on record with British bookmakers on course to take £100m.

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While the rest of Britain lines up to vote, bookmaker action in the last few hours before the close of polls has been torrid, and according to the Guardian, Betfair has taken £5m on the EU referendum this morning as punters rush to place final bets ahead of tomorrow’s results.

There has been a flurry of bets, predominantly on staying in the EU, according to a spokeswoman. “The Scottish referendum saw nearly £10m traded on the day, so we’re anticipating at least that amount,” she said. The company says it has taken £56m on the political event. Betfair said their biggest bet of the morning had been £28,500 on Remain, adding that they had had eight bets that day of £20,000 or more. Overall, the biggest bet they’ve seen has been £315,000 on remain.

It’s a similar picture for Ladbrokes, which reported bets of over £1m in the last 24 hours. Most of the money was on the Remain side it said. This was once again driven by the disproportionately larger bets on Remain: according to Ladborkes, the average stake on Remain is now £400, while the average on Leave is £70, even as a majority, or 55% of bets, placed today are once again for Leave.

This means that the latest odds have Brexit at just 17%.

A spokesperson for Coral described betting as brisk this morning, saying that there had been numerous four figure bets laid, predominantly on Remain. So far it has had one bet of £4,000 on Remain (at 1/4) and a £2,000 punt on Leave (at 11/4).

“The majority of bets today are for Remain, which has seen the odds on Britain staying in the EU shortening from 1/4 to 1/7, and Leave out to 4/1, from 11/4.”

It added that while more shop customers are predominantly backing out, online ones are for stay. “This reflects an older customer base who bet in shops wanting out, and the younger customers who bet online are for staying.”

It’s a similar picture at William Hill, which makes Remain a 2/9 favourite – equating to an 81% chance of winning.