As Britain contemplates a possible split from the embattled European Union, bookmakers expect a surge in bets on a referendum on the matter, planned for June 23.
According to the website Gamblingheadlines.net, the battle pits Prime Minister David Cameron against London Mayor Boris Johnson. Cameron wants to remain in the EU, while Johnson, “after a huge amount of heartache” has declared he wants a divorce.
A reported 40 percent of voters are still undecided, but the bookies are already placing odds. As of last week, William Hill was offering odds of 2 to 5 that Brits will vote to stay in the EU, and 7 to 4 they will vote to leave. The odds are 10 to 11 that voter turnout will be 68 percent or greater.
In addition, William Hill spokesperson Graham Sharpe said Cameron “is 7 to 1 to stand down as Tory leader during 2016, which he will come under pressure to do if the vote is to leave. Bookies … see it as perhaps the biggest ever political gamble.”
Sharpe noted that more than £10 million (US$14 million) was wagered on the outcome of the Scottish referendum, “during the course of which one of our clients staked a world record political wager of £900,000 and called it right—collecting a payout of £1,093,333.33 (US$1.5 million). The client is still considering whether to make another hefty wager on the outcome of the EU referendum.”
Johnson is now a strong favorite to succeed Cameron as prime minister. The website Betfair Predicts has both Johnson and Conservative Party favorite George Osborne at 5 to 2 to be the next Prime Minister. Osborne is also Chancellor of the Exchequer.
