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.

CNBC

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam