US presidential elections

Trump backed Brexit and Brexiteers are now betting big on him

Donald Trump backed Brexit this summer and now the Brexiteers are returning the favor — in the betting market at least.
2016-11-08
Reading time 2 min
Donald Trump backed Brexit this summer and now the Brexiteers are returning the favor — in the betting market at least.

With only one more day to go until the big election day, the bookies across the pond continue to receive large bets on the Republican candidate and a clear picture is emerging, according to U.K. betting company Betfair PPB, +1.89% : The same people that put money on the Brexit outcome back in June are also betting on Trump to emerge as the new U.S. president.

“Brexit is still firmly in bettors’ minds and those who made a killing from the result in June are backing Trump to come through for them again, with over 67% of Brexit backers putting their faith in Trump,” said Barry Orr, spokesperson for Betfair, in a press release.

“[They] believe Trump could pull off a similar surprise across the pond on Tuesday.”

The June 23 referendum on the U.K.’s future in the European Union took both investors and bookies by surprise, when the vote swung in favor of the “leave” campaign. In the run-up to the ballot, the betting sites were giving the “remain” camp a considerable edge with an around 80% chance of winning, similar to the odds they now put on Democratic hopeful Hillary Clinton in the U.S. election.

The similarities between the two events have boosted betting on the presidential vote, making it the most-wagered political event for the bookies ever, even surpassing Brexit

Industry-wide, gamblers have bet more than £20 million on the outcome and with the result still too close to call the bookmakers are anticipating a “political bets bonanza” in the 11th hour, according to William Hill WMH, +1.18% .

“The campaign has mirrored Brexit in that there have been far more individual bets for the outsider, but the biggest bets have been on the favorite,” said William Hill’s spokesman Graham Sharpe in a statement.

About 70% of the individual bets at the London-based bookie have been placed on Trump, but 74% of the money have landed on Clinton

After a £150,000 bet on the Democrat Monday morning, William Hill had Clinton as the winner at odds of 1/5, or 83% chance, compared with Trump at 7/2 or 22%.

It was a similar story at Paddy Power. The betting company on Monday afternoon shortened the odds for a Clinton win to 1/5 from 1/4 after the Federal Bureau of Investigation said its fresh review of her emails won’t lead to charges.

“We’re in the home stretch and there’s no denying that the momentum is firmly with the Clinton camp with recent polls and the FBI investigation all going in her favor,” said Féilim Mac An Iomaire, a spokesperson for Paddy Power in a statement.

“Last week we couldn’t stop taking money on Trump, but customer sentiment has changed over the weekend with far more of their hard earned being staked on Clinton to make her way to the Oval Office,” he added.

 

Related topics:
Leave your comment
Subscribe to our newsletter
Enter your email to receive the latest news
By entering your email address, you agree to Yogonet's Terms of use and Privacy Policies. You understand Yogonet may use your address to send updates and marketing emails. Use the Unsubscribe link in those emails to opt out at any time.
Unsubscribe
EVENTS CALENDAR