LONDON – A punter in London has lost £70,000 after betting on the Conservatives to secure a majority in the General Election.
Following the Conservatives’ comfortable victory in May’s local elections, bookmakers reported a flurry of high-value bets backing the Conservatives to win a majority in Thursday’s election.
Bookmaker William Hill said that it had taken several huge bets on a Tory majority, including one £70,000 bet and a £36,000 wager placed on Friday by an online customer in Fulham.
The bookmaker was offering odds of 1/16 for the £70,000 bet – meaning the bet would have returned £74,375 – as the outcome seemed so likely.
William Hill spokesman Joe Crilly said in May: “It’s an oft-used term, but people really do see a Tory majority as ‘buying money’.”
Other big bets were more successful. William Hill said the biggest election bet of £200,000 backed the Conservatives to win the most seats and returned £220,000.