May 24, 2024 2 min read

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UK Bettors Believe Labour Party Will Oust the Conservatives

According to political bettors, Stramer and his allies are the favorites to win the upcoming election

In a development that took many aback, British PM Rishi Sunak called a snap election on May 22. While Sunak’s decision demonstrates clear confidence in the current government, political bettors aren’t so convinced that the Conservatives will be able to remain in power.

Sunak’s gambit comes amid declining support for the Conservative Party. The Conservatives’ momentum has been on the decline since 2022, making their stay in power uncertain. In the meantime, Sir Keir Starmer’s Labour Party has been steadily gaining traction.

While some believe that Sunak might have relied on the relaxed summer season and the projected economic improvements to convince voters that things have been going well, most Brits seem unconvinced. According to political bettors, Stramer and his allies are the favorites to win the upcoming election.

Bettors Expect Labour Triumph

For context, Stramer’s odds on Oddschecker stand at 2/17. This figure gives the Labour Party an 89.5% chance to win. Betfair customers have so far wagered over $1.7 million on the Betfair exchange, also cementing the Labour Party as the dominant force with odds of 1.2 (83%) chance to secure a majority and 1.07 (94%) to win the most seats.

This betting activity suggests a major shift in British politics.

John Curtis, a political scientist and professor at the University of Strathclyde, took things a step further, saying that he believed there was a 99% chance for Labour victory.

Savanta’s latest poll, on the other hand, says that just over half of voters (53%) believe that the most likely outcome of the snap election will be a Labour majority.  

As per the Britain Elects general election poll aggregator, the Labour Party is in the lead in front of Sunak’s Conservatives with a 41% to 20% score.

In the meantime, the snap election is expected to disrupt the ongoing gambling reforms. The modernization of the country’s regulations has been plagued by multiple delays. The current elections will likely further jeopardize the process as a lot of the reforms that require legislation will be put on hold. This will notably include important measures such as the land-based reforms and online slot stake limits.

Journalist

Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.

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