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Tuesday, 16 September 2014

Referendum betting reaches fever pitch

Scottish Independence referendum betting is at record-breaking levels according to Ladbrokes. The bookies have taken a record £250,000 worth of bets across the country in the last 24 hours, with 70% of stakes bet in Scotland opting for 'yes'

The deluge of pro-independence money, including one bet of £20,000 placed in West London, has forced the bookmakers to cut the odds of a breakaway to 11/4 from 3/1. Punters are also piling in on the chances of a high turnout, with the odds of over 85% of those eligible to vote doing so collapsing from 16/1 to 9/4.

The outcome of the referendum will decide a multi-million pound swing for the bookmakers with a win for 'yes' with over 55% of the vote set to trigger a seven-figure payout. Up to £50 million is forecast to be wagered on the contest across the betting industry.

Bets can be placed on the outcome of the referendum until an official result is announced as Ladbrokes' political betting traders prepare stay up through the night to monitor the markets.

Alex Donohue of Ladbrokes said: "Referendum betting has reached fever pitch. We've never known a political event like it and we're absolutely gripped." He added: "Bets are coming in by the second and with the race set to go down to the wire we will be open for business until the last minute."

Ladbrokes latest betting

Scottish independence referendum
Yes 2/7
No 11/4

Over 85% 9/4