Is Political Betting on the Rise?Personal_Finance / Gambling Mar 27, 2017 - 04:57 PM GMT
With Brexit, the subsequent resignation of David Cameron and the election of Donald Trump as US President, last year was undoubtedly an interesting year for politics. You could make a point that the last 12 months or so have generated more interest in politics than ever before.
With all the interest and media coverage, there's one area of politics that often gets somewhat overlooked; it's betting markets. Amongst the plethora of huge sporting events regularly being promoted by bookmakers, we often ignore the undoubted value that exists in the political betting market.
Is betting on politics new?
With the extensive interest in politics over recent times you could be excused for thinking that elections were a new thing. The new age of social media has intensified the way that any major event is covered and because of this a lot more people are exposed to politics as a whole.
Before the referendum last year many people may have been unaware that you were even able to bet on politics, however that's not to say that's it's a new thing. Go back a fair way and Roman bookmakers were taking bets on who would be the next Pope.
Is political betting well advertised?
Throughout the year you'll often see adverts broadcast informing you about the best odds on the upcoming Premier League game, promotions for the best Grand National betting offers or even some online casino sign up bonuses.
Despite this level of promotion for a number of gambling markets there isn't much out there when it comes to politics. Perhaps it's because for a lot of the time political elections lay dormant. There's only a major election of the Government (or President in the US) every four years.
However, there are often by -elections that occur between General or Presidential elections, but again these aren't widely promoted by bookmakers.
Does political betting share similarities with trading stocks and shares?
Betting on politics does share a few similarities with trading stocks and shares. Both clearly provide the platform for financial gain, but that's not all. They're both very analytical practices, in which a lot of information on the outcome is available.
In both situations looking into trends can give you a fantastic insight in where the smart money is. Political betting can also be as volatile the stock market. The release of the polls at regular intervals through elections can sway not only voters, but also the betting odds.
Is political betting on the rise?
It's safe to say that the political betting markets are on the rise. Bookmakers are starting to embrace political betting and have begun using it as a PR tool to help drive their brand.
In 2014 the Scottish referendum broke all political betting records with one person placing a single bet of £900,000 on the outcome of the vote. Just a year later the UK General Election broke those records and one year further on them records where obliterated by the amount of money staked on the outcome of the EU referendum.
Going forwards it's likely that we'll begin to see more promotions for political betting from the major bookmakers; although we may have to wait until the next major political event until this becomes visible.
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