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Betfair Already Pays Out on ‘No’ in Scottish Independence Vote
- September 16, 2014 By Nemanja L. -
Betfair Exchange is paying out on the No vote in the Scottish Independence Referendum three days ahead of the vote taking place as they are confident their predictions will prove spot on and the union will continue to exist.
The world’s largest exchange has so far seen more than £8.6 million placed on the extremely popular market and with 79% percent chance of a No vote, they have decided to pay out a six-figure amount to their trusted customers who have predicted such an outcome.
Traders continue to back No with two players wagering £55,000 and £27,000 on the outcome last Sunday, with over 85% of the traded volume currently in favour of Scotland remaining part of the union.
Political bettors have been reluctant to back Yes of late despite the latest polls suggesting extremely narrow margin between the two outcomes, with Yes vote currently trading at 4.5 (7/2) as opposed to 1.27 (1/4) for a No.
William Hill takes £2 million in Bets on Scottish Independence Referendum Market
However, one of UK’s oldest sports betting operators, William Hill, has revealed that some 80% of the bets placed on the market favour Yes for the referendum that is set to take place on 18th September.
The UK gaming company moved to reveal that they had accepted bets upwards of £2 million on the Scottish Independence market, making this the largest political market in the bookmaker’s history.
It has also been suggested that Aberdeen, Glasgow, Kilmarnock, Motherwell and Perth have backed the Yes vote with over 90%, while their English customers favoured No in London (59%), Liverpool (65%) and Newcastle (52%). However, some 72 per cent of all bets placed in Manchester were for Yes.
Recent polls have indicated that Yes is a slight favourite among the public, but online bookmakers clearly do not agree as they have No instead as odds on favourite. When their own money is at stake, sports betting operators are rarely wrong and everything suggests that citizens of Scotland will ultimately decide to stay part of the union.
And with another two days to go until the highly-anticipated referendum takes place, there is still time to find value in the latest prices offered by the bookmakers, while the latest news from the sports betting vertical can be found here.