Bookies banking on a£25 million ballot bonanza

BRITISH bookmakers expect political punters to stake £25 million on the outcome of today’s election.

The biggest election yet for the industry has been galvanised by the leadership debates – which triggered around £1 million in wagers – and will climax tonight as bookies track results and punters bet in real time on fast-shifting odds.

According to Ladbrokes and William Hill, the result is too close to call, with money shifting between a hung Parliament and a Conservative majority.

Based on the money it has taken, Ladbrokes predicts David Cameron’s Tories will win 315 seats – just short of an overall majority. A hung parliament would be a “nightmare” for Britain’s biggest bookmaker, costing it £250,000.

Spokesman Ciaran O’Brien said: “We’ll be betting in running through the night on all the key markets and we’re expecting thousands of bets on what has been the closest fought campaign for years.

“It is without doubt the biggest election ever in betting terms.”

William Hill also has “no overall majority” as the slight favourite, with the Tories now odds-against at 11/10, despite Cameron’s last desperate push for support.

Liberal Democrats started the campaign at a distinctly unappealing 200/1 with Ladbrokes, although following the first leadership debate performance by Nick Clegg the Lib Dems were backed into 10/1 to win most seats – odds for a British third party not seen since the launch of the SDP almost 30 years ago.

Now the Lib Dems are priced at 11/8 by William Hill to follow through with their early success and take 100 or more seats – which would almost certainly mean them holding the balance of power in a hung parliament.

The debates sparked a surge in political betting far beyond the usual level from punters. William Hill’s Graham Sharpe said: “Traditionally over recent years political betting has been for political anoraks, but all of a sudden people have food for thought.”

The highest profile of the many independents standing, celebrity Esther Rantzen, is 13/2 to take Luton South, the seat vacated by expenses casualty Margaret Moran.

More bizarre markets include the bet taken by William Hill at 250/1 on Gordon and Sarah Brown divorcing after an election defeat, while those looking for an even bigger long shot can take Monster Raving Loony Party leader Alan Hope to be the next prime minister at a million to one.