Bookmakers Cut Remain Odds Despite Narrow Polls

Bookmakers have cut the odds on Britain voting to remain in the EU, as a flurry of bets suggests the result may not be as finely balanced as the polls show.

William Hill cut its odds on a Remain vote for a third day running on Thursday to 1/5, giving an implied probability of 83 per cent, and it was joined by a host of other high street bookies.

By contrast, the Financial Times poll of polls suggested, as of May 17, that 46 percent of voters wish to stay and 40 percent to leave.

“Political punters suddenly seem to have made their minds up that, contrary to the opinion polls, ‘Remain’ is a rock solid bet — and as soon as we changed the odds on Thursday morning we took a four-figure bet at that price,” said a spokesperson for William Hill.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.