Brexit: How The Bookmakers Got It Wrong But Made Out Like Bandits
Gambling911.com looks at all the news coming out Friday on Brexit and where the bookmakers went wrong after favoring the “Stay” by as much as 1-4.
EU Referendum: How the bookies got it so wrong over Brexit - When The Independent spoke to him earlier this week, Matthew Shaddick, head of political betting at Ladbrokes, had seemed the least confident of all the bookies when it came to betting on Brexit (Britain’s exit from the European Union). He said the betting markets were overconfident of Remain’s chances – although he still made Remain the odds-on favourite.
Bookies on Brexit: 'This vote worked out very well for us’ - In a candid statement, Ladbrokes's head of political betting, Matthew Shaddick, said: "The truth is that bookies do not offer markets on political events to help people forecast the results. We do it to turn a profit – or at least not lose too much – and in that respect, this vote worked out very well for us.
"Nobody at Ladbrokes's HQ will be criticising the predictive powers of our odds, they'll be looking at the money we made."
Bookies are effectively winners in most cases when the favourite in any given betting event – that is the entity or side that attracts the most money – does not win.
British Bookmaking Industry Prepared for Potential Changes Brought on By Brexit The UK’s EU referendum may have left the bookmaking industry scrambling for position, but Michal Kopec of Better Collective thinks that the industry will soon recover from the shock Brexit result.
Michael, who is Senior Business Manager for the company, also commented on the plummeting British pound in the immediate aftermath of the result, and the effect on Gibraltar based operators, who will be facing huge headaches as they attempt to shore up their activities in mainland Europe.
“On the regulatory front, bookmakers and affiliates shouldn’t be affected for now, as the Gambling Act regime is a stable one with many organisations well briefed and prepared for any potential changes,” Michal Kopec of Better Collective predicts.
BREXIT BETTING: A woman has lost £100,000 betting on Remain - The UK's decision to leave the EU has cost one unlucky better £100,000 ($136,782) according to bookmaker William Hill. It said on Thursday that a woman in London placed its biggest Brexit market bet at odds of 2/5, which would have yielded a £40,000 profit if the gamble came good.
- Aaron Goldstein, Gambling911.com
