“The tide is turning” - Paddy Power shortens price for Corbyn

“The tide is turning” - Paddy Power shortens price for Corbyn

Friday, June 2, 2017 Posted by Luke Massey
Jeremy Corbyn is now just 7/2 to become Prime Minister on 8 June

Paddy Power has cut Jeremy Corbyn’s Prime Minister odds to 7/2, after admitting that “the tide is turning towards a Red sea” in the election campaign.

With less than a week to go until the UK general election on 8 June, Corbyn’s recent revival has forced the Irish bookmaker to reduce the Labour candidate’s odds to the shortest price since the Snap Election was called on 18 April – a far cry from the party’s starting price of 18/1.

Lee Price, PR and Mischief Champion at Paddy Power Betfair, told TotallyGaming.com: “Over the last week, more than 80% of bets have been on Corbyn and/or Labour – so the tide is certainly turning towards a Red sea at the moment.”

His comments mirrored the finding of a recent YouGov survey for the Evening Standard, which suggested Corbyn has profited from doubts over the Conservative manifesto to overtake Theresa May as the preferred choice for Prime Minister among Londoners. However, Price has urged punters and the media not to overstate the accuracy of this kind of opinion poll or survey.

“May is still massively odds-on to still be PM after the election, and we think these punters may be listening a little too closely to the topsy-turvy opinion polls,” said Price. “Then again, we said similar about Trump, and look at how that turned out for us.”

Totally Gaming says: The continuous flow of money on Corbyn over the last week suggests that the election result isn’t quite as clear cut as first thought. And while Theresa May is still massively odds-on to remain in her role as Prime Minister, don’t expect Paddy Power to close the market before 8 June – the bookmaker is still counting the costs of its early Hillary Clinton payout in October.

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