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UK Punters Heavily Backing BREXIT Ahead of EU Referendum
- June 2, 2016 By Nemanja L. -
Bookmakers across the United Kingdom have started to slash odds on the “Leave” outcome of UK’s EU Referendum, which is enough to suggest that the outcome of the highly anticipated vote will not be as straightforward as many expected.
The Leave market recently reached odds of 7/1, at which point it looked as though the UK will remain part of the European Union, but the market has started to shift in recent weeks.
Namely, the odds on said outcome have now been slashed to 11/4 and 5/2 with UK firms as they were forced to adjust their position in light of the latest betting activity.
The UK punters have started to move in favour of the UK breakaway and they have been heavily backing the Leave outcome of late, prompting the bookmakers to cut the odds.
The likes of Betfair, Ladbrokes, Coral and William Hill all admitted that they were receiving plenty of bets on the EU Referendum market, with the majority of those wagers placed on Leave.
Recent Polls Suggest “Leave” is Gaining Steam
Remain outcome is still short-priced favourite at odds of 2/7, but chances are that recent surveys published in The Guardian showing that 52% of UK residents are against staying in the European Union.
Even the UK Independence Party leader Nigel Farage has placed a £1,000 wager with Ladbrokes on the Leave outcome, suggesting that his party believes in a positive outcome.
UK residents will decide whether they want the country to remain a part of the European Union or not at a referendum on June 23rd, and many believe this will be the most heavily bet political market in history.