Betting firms in the United Kingdom are expecting to see roughly £100 million in wagers being placed on the outcome of the British general election on May 7th, as a close race could boost bets.
Current polls in the country indicate that the race is neck and neck between the Conservative and Labour parties, with smaller parties in the race to shake things up. Currently the Conservatives hold a small lead at the books, but with small margins between them and their competition.
Commenting on the matter Nottingham Business School Director of Betting Research Professor Leighton Vaughan Williams said, "When the betting markets say one thing and the polls say another, the evidence suggests that it is a good idea to go with the markets. I've interrogated huge data sets of polls and betting markets over many, many years in the U.S. and the UK and basically the betting markets are very, very accurate predictors of the outcome of elections, and certainly compared to polls."
Vaughan Williams is of the belief that five times as many bets could be placed this year as were placed during the previous general election in 2010.