The increase in political betting in the UK
Freer gaming laws
The UK is so exciting for bettors right now. This is because they can place bets on everything from the outcome of the US presidential election in November, to the outcome of the upcoming Brexit referendum. Brits have already spent millions putting wagers on the outcomes of these two political events.
In fact, Brits can bet on almost anything. The reason for this lay in the terms of the UK Gambling Act 2005. This contrasts sharply with laws here in the US, where betting on political events is strictly illegal. The US gaming industry has made much of just how ‘liberal’ gaming laws are on the other side of the Atlantic.
The Act was designed to regulate online gaming and to prevent children under 18 from taking part; something at which it continues to prove very successful.
The Independent reported that the combined revenue for casino betting and gaming machines in the UK was $4.2 billion back in 2011. Since then, the industry has gone from strength to strength.
Odds more accurate than exit pools
Many people now see betting odds to be a reliable way of predicting political outcomes. Before the 2015 General Election, the Telegraph ran a story saying that if “you want to know who will win… ask a gambler”.
This proved very prophetic in that case. Because while bookies had David Cameron as the outright favorite to win the UK election, the exit polls suggested the result would be a lot closer. Suffice to say, the bookies were dead right.
Much of the reason that people like political betting is that results are easier to predict. It’s also more secure, as outcomes sway with public opinion, rather than being affected by poor coaching, or injury, as in the case of sports betting.
That said, Barack Obama’s recent intervention in the Brexit referendum did change bookies’ odds on the result. This shows events leading up to results can influence the outcomes and that nothing is a sure thing – which makes betting on them all the more exciting.
The future
There is no doubt that bookies have a big role to play in predicting political events. And the fact that they offer bets on political events makes things both more secure and more exciting at the same time.
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