Brexit Referendum Sets Betting Record For Non Sporting Event
The historic and unexpected Brexit referendum result has broken the record for non-sporting events as speculators wagered a staggering £120m on the outcome which is still sending shockwaves throughout the world.
The report in the Financial Times details the bookies who lost and those who won on a political event that received some of the most media coverage seen for an event in the last few years. The Betfair exchange took in £80m in bets with the remaining £40m coming from other bookmakers.
William Hill took a £400k loss after they took in £3m in bets. Media relation director at William ill explained the losses by stating the obvious that,”very few saw this coming”. Rivals Ladbrokes made a six figure profit according to head of political betting at Ladbrokes, Matthew Shaddick who explained that most who put don money on the “leave” option only wagered small amounts.
Betfred only made a small profit off the £1m in bets they took and as to be expected all their big money came in from the “remain” vote”. Commenting on the belief that the bookies are in touch with the sentiment on the street, Ladbrokes’ Matthew Shaddick said that despite them being surprised by the outcome “Nobody at Ladbrokes’ HQ will be criticizing the predictive powers of our odds, they’ll be looking at the money we made.”