The odds: Markets see Labour resurgence with Conservatives on the slide

by Joe Fraser

Punters are coming back to Labour say the bookies. Totesport reports that the clearest side effect of the Liberal Democrats huge poll gains has been renewed backing for the Labour Party.

Various bookmakers are saying bets on a hung parliament continue to be the most popular with current odds 4/7 from 4/6 at Totesport and 8/15 at Paddy Power.

The quirks of the British system mean that the Lib Dem surge, pushing Labour into third place in some polls, has dramatically increased the betting that Gordon Brown will lead a coalition or minority government.

In the last few hours, Totesport have seen the odds on Labour winning the most seats fall to 3/1 from 4/1 while the same bet can be found at 10/3 with Paddy Power. They are variously between 12/1 and 16/1 to gain an overall majority.

Backing for the Conservative party to win the most seats has disintegrated and subsequently moved out to 1/4 with Totesport from 1/9 a week ago.

“Although the Lib Dems have had the lion’s share of the election coverage since the first debate, punters also think that Labour are slowly sneaking into contention and there’s been some shrewd support for Gordon Brown’s party,” said Totesport spokesman George Primarolo.

The focus on the Lib Dems is set to continue. Anyone with an early stake on them will now be sitting pretty.

Paddy Power opened the market on the number of seats won by the Lib Dems with a range of bets bookended by odds on ’30 or under’ and ’80 or over.’ That suggested the outer limits of possibility one week ago. To win at least 80 seats they are now nailed on at 4/7.

A £10 bet on that market one month ago at 12/1 pays out £120. That now looks a sound investment.

For the latest political betting odds and election betting head over to Paddy Power and get your Bet £10 Get £20 Free bet!

Latest Paddy Power odds:

Overall Majority

8/15 None (Hung Parliament)
13/8 Conservative Majority
16/1 Labour Majority
22/1 Lib Dem Majority

Prime Minister after General Election

2/5 David Cameron
5/2 Gordon Brown
8/1 Nick Clegg

Labour vote percentage

2/1 Less than 26%
2/1 26 to 27.9
11/4 28 to 29.9
6/1 30 to 31.9
8/1 32 to 33.9
12/1 34 to 35.9
18/1 36% or over

General Election Winner

2/7 Conservatives
10/3 Labour
10/1 Lib Dems