Sporting Index claims UK Election win

Sporting Index claims UK Election win

Monday, May 11, 2015 Totally Gaming
Around £20m was wagered on the Election

Sporting Index has claimed to be one of the big winners from last week's UK General Election, but believes the nation's gambling industry has also come out on top.

With around £20m (€27.8m/$31.0m) gambled across the industry, the spread-betting firm reported a 200 per cent rise in new accounts and recorded a bet per second during the 24 hours of last Thursday's vote.

While the industry has apparently lost up to £10m on the election thanks to savvy punters gambling on what was a surprise Conservative majority, Sporting Index says that its experts helped it to make big money.

“Though the result of the election surprised many, our political trading team played a blinder and our initial figures look very healthy indeed," Sporting Index  business affairs director Mark Maydon said.

“While many fixed odds bookmakers might be counting their losses today, the entire UK bookmaking industry will be pleased with the real-world ramifications of the election.

"The short-term losses might have been painful but are probably nothing compared to the long-term damage that a Labour government with a very anti-gambling agenda might have inflicted.”

Sporting Index said that its biggest winning markets were the number of Conservative seats above 300, and the outright Tory majority, as punters generally bet big against David Cameron’s party sweeping to victory.

However, a number of punters walked away with upwards of £50,000 each from selling Labour seats and correctly forecasting a host of big names such as Ed Balls, Vince Cable and Nigel Farage would be ousted from the Commons.

William Hill said it suffered a ‘six figure loss’ of up to £500,000 after taking £3m in bets, although it did win much of that back thanks to an unsuccessful punter who wagered £205,500 on a Hung Parliament.

"He is philosophical about the setback and told me he will be keeping a low profile for the time being," said Hill's spokesman Graham Sharpe of the man who apparently won £193,000 on the result of the Scottish Referendum in 2014.

"It is a little like a heavyweight title fight in which we took a first round battering but managed to come back strongly in the second."

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