Grexit proving growth of political betting

Grexit proving growth of political betting

Monday, June 29, 2015
Prime Minister Alexis Tsipras is negotiating over Greece's future

Interest in Greece’s future within the Eurozone is proving the increased popularity of political and current affairs betting.

William Hill has said that takings on the market highlights that punters who have gambled in increased numbers on General Elections in the UK in recent years, as well as major votes such as the Scottish Referendum in 2014, are also now interested in books on other events.

Betting companies have been continuously updating their prices on a Greek exit from the Euro in recent months, but this morning William Hill chose to close the market on a ‘Grexit’ before 2016 as the departure begins to look inevitable.

“Grexit betting is a relatively small part of the overall political betting scene but it wasn't so long ago that we wouldn't even have considered betting on the situation,” William Hill media relations director Graham Sharpe told TotallyGaming.com.

Sharpe said that gambling on political events has grown hugely in recent years, and is expecting big money to spent on events between now and the next UK General Election in 2020.

“The turnover for the Scottish Referendum astonished us - we took some £3.25m (€4.60m/$5.11m) when we had anticipated £1m at best," Sharpe said.

“The General Election produced another record turnover despite being a costly result. Since then the Labour/Lib Dem leader/deputy markets have kept political betting ticking over, while the in/out European Union (EU) Referendum promises to match the Scottish Referendum.

“We also have the London Mayoral Election in progress, with Scottish Elections on the horizon, not to mention the small matter of a US Presidential Election with the Republican and Democrat nominations lively betting markets already. Political betting has never been healthier nor more popular.”

While it generates turnover in terms of betting, Hills shares the same concerns as other international companies as to what effect Greece’s financial woes will have on global markets.

“Like any other company trading in European markets we will obviously be keeping a very close eye on how the Greek situation pans out and whether, where or how it might impact on our business,” Sharpe said.
 

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