Their predictions might have been wide of the mark but Britain’s bookmakers are laughing all the way to the bank following last week’s shock decision to split from the European Union.
Around three-quarters of the £40 million wagered in the lead-up to Thursday’s EU referendum was on Remain, with bookies offering as much as 4-1 on the Leave vote even as the final votes were cast on Thursday night.
Among those licking their wounds is a central London lady who placed her first ever bet for £100,000, to win £40,000, on Remain. But bookmakers were offering no apologies after the surprise result, which saw 52 percent of voters choose to Leave.
“The truth is that bookies do not offer markets on political events to help people forecast the results,” said Ladbrokes’ head of political betting, Matthew Shaddick, in a blog post over the weekend. “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.
“Nobody at Ladbrokes’ HQ will be criticizing the predictive powers of our odds, they’ll be looking at the money we made.”
