£1.35 million staked on UK General Election within 24 hours

Within 24 hours of the announcement of a UK General Election, £1.35 million ($1.72m) had been staked on Betfair’s Exchange election markets.

The sudden announcement made by incumbent Prime Minister Rishi Sunak, as he stood in the pouring rain outside 10 Downing Street, has boosted the betting landscape as well as sending the UK news cycle into full election mode, as the politicians traverse the country seeking to win the support of the electorate.

Conservative leader Sunak confirmed the vote will take place on July 4, but he and his party are expected to face an onslaught from Sir Keir Starmer’s Labour Party who currently lead their political rivals by 17 percentage points, according to one opinion poll.

That sentiment is echoed in the betting markets with Betfair Exchange offering 1/5 for the Labour Party to win a majority in parliament, or in other words, an 83% chance.

Reflecting the pessimism around the Tory Party, the same source was giving odds of 5/7 to suffer the ignominy of 200 seat losses or more.

Betfair Exchange has received almost £500,000 from gamblers backing Labour to win the most seats, while around £200,000 has been staked on a Labour majority at Westminster.

Betfair spokesman Sam Rosbottom welcomed the influx of bets, stating, “As both Rishi Sunak and Sir Keir Starmer head on the road for their election campaigns, punters have been putting their money where their mouths are, and a whopping £1.35m has been wagered on the Betfair Exchange UK general election markets in the last 24 hours.”

Despite the optimism for Labour, he added more bets have been received for a ‘no overall majority’ outcome, and the Conservatives to win most seats, showing the public is still speculative on how this crucial election will unfold.

As of May 23, more than 100 members of parliament (MPs) have decided to stand down at the upcoming election, including 68 Conservative MPs who have publically intimated they will quit frontline politics or not contest their seats in the July vote.

Former Prime Minister Theresa May and Sajid Javid are among the senior, high-profile MPs who are leaving the House of Commons.

Image credit: Joanna Zdunczyk/Pexels

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