UK bookmakers have moved to readjust their political betting markets, following the stunning results of the 8 June UK Snap General Election, which has been branded the ‘biggest miscalculation’ in modern UK political history.
Last April PM Theresa May called for a June Snap Election, in order to increase her Parliamentary majority as the Conservative Government headed for crucial Brexit negotiations with the European Union.
However, the gross failure of May’s ‘Brexit gamble’ has left the Conservative Party in a decrepit state, having lost its government majority by only securing 318 seats (326 needed for a Parliamentary majority).
The unprecedented results has sent UK media into a speculation and rumour overdrive regarding the future of UK Politics, as over the weekend bookmakers have had to react and readjust their UK political markets.
The spectacular ‘fall from grace’ of Theresa May, who held the highest public opinion polls of any UK PM prior to beginning her Snap Election Campaign, has seen the majority of bookmakers price down a number of candidates for ‘Next UK Prime Minister’ markets.
At present, UK Foreign Secretary Boris Johnson is viewed as May’s biggest leadership threat. Bookmakers were quick to cut Johnson’s odds to 4/1, as speculation increases that ‘Bojo is eyeing the thrown. Johnson is followed by Brexit Secretary David Davis who has been shortened to 8/1 to lead the unstable Tories.
Facing a precarious position, May will now likely move to form a minority government with the Ulster DUP (which has been widely criticised). At present May has been priced at 1/12 (Betfair – Paddy Power) to remain as PM, although she faces a number of growing calls to resign and it remains unknown whether she still carries her party’s favour for leading Brexit Talks.
For bookmakers, there has hardly been a political respite, following the conclusion to UK 2017 Betfair Politics prices a ‘rerun second election’ at 7/5. Political commentators note that general public’s confidence is draining regarding the government’s ability and stance with regards to negotiating a successful post-Brexit deal. Could the UK seek a further election… one industry insider has detailed that Bookmaker’s worry that the ‘UK maybe turning into Italy’, with regards to its electoral results and political consensus.
One thing all Bookmakers agree on, is that Jeremy Corbyn was the biggest winner of the Snap Election despite the Labour Party’s defeat. Having been issued 18/1 to lead the Labour Party to victory at the start of the campaign, the longest election odds ever in UK politics, Corbyn’s surprise performance has seen him become the most securely placed of the UK main party leaders.
All bookmakers have now lengthened their odds with regards to ‘Next Labour Leader’, as Corbyn is now crowned by the media as a ‘party untouchable’ having been branded as ‘unelectable’ by Labour Party elders and adversaries throughout his leadership reign.
Like pollsters, bookmakers called the UK 2017 Election results incorrectly, in what is now becoming an industry trend…however in uncertain political times it is only fair to expected the unexpected…
Source: SBC News