One woman from London placed her first ever bet with a 100,000 Pounds stake on the UK , voting to stay, ‘The Times’ reported. A record amount was gambled, with Betfair taking more than 60 million Pounds by Thursday afternoon, the largest ever for a political event.
London :Over a million people have signed a petition in the UK calling for a second referendum over the country’s EU membership following the shock Brexit vote. The petition will now have to be discussed in the British Parliament, having crossed 100,000 signatures required to trigger a debate in the House of Commons.
The UK voted to leave the EU by 52 to 48 per cent in Thursday’s referendum but the majority of voters in London, Scotland and Northern Ireland backed the Remain side in a 72 per cent turnout. The petition passed the million mark on Saturday morning, with votes most concentrated in London, Brighton, Oxford, Cambridge and Manchester. The petition started by William Oliver Healey reads, “We the undersigned call upon Her Majesty’s Government to implement a rule that if Remain or Leave vote is less than 60 per cent based a turnout less than 75 per cent there should be another referendum.” The website of the parliamentary petition at one point crashed due to the number of people adding their names to the call for another referendum.
On the other hand, bookmakers all over the UK were counting their profits after the unexpected results of the referendum. Along with many poll experts and opinion polls, the bookies had predicted a victory for the Remain camp with almost 80-90 per cent certainty and made Remain the odds-on favourites. As a result, the vast majority of gamblers bet on Remain as opposed to Britain’s exit from the EU.
One woman from London placed her first ever bet with a 100,000 Pounds stake on the UK voting to stay, ‘The Times’ reported. As the polls closed on Thursday night, bookmakers were offering 4-1 odds on an Out vote. “Those of us who do this for a living have to face up to some tough questions today. The truth is that bookies do not offer markets on political events to help people forecast the results. We do it to turn a profit or at least not lose too much and in that respect, this vote worked out very well for us,” said Matthew Shaddick, of Ladbrokes, one of the UK’s biggest bookies. He admitted the predictive power of the bookies will “be heavily criticised, understandably”.
One theory why the bookies were so wrong was that most political betting was done by better-off customers, who backed Remain and drove down the odds. A record amount was gambled, with Betfair taking more than 60 million Pounds by Thursday afternoon, the largest ever for a political event. While bookies did not suffer any monetary loss, it does reflect a hit on the reputation of Britain’s bookies who have historically been more accurate about the results than even some exit polls. Winners included Eurosceptic UK Independence Party (UKIP) leader Nigel Farage, who had bet put 1,000 pounds on Brexit.
