The Online Betting chain can predict the results of the next general election.
According to its boss a hung parliament is the most likely outcome at present.
Online gambling is booming with more people using their mobile devices. The Betfair model offers gamblers the opportunity to bet against one another. It represents democracy in ‘odds giving’, by allowing the public to determine the ‘odds market’. Most Bookies offer odds based on their sources (Private Knowledge). The Betfair Betting Exchange offers true ‘Price Discovery’ by reflecting ‘Supply and Demand’ fluctuations in their ‘Odds’. The price discovery system is a throwback to the times of good old Capitalism. The Odds will reflect a more accurate picture of ‘Expectations’ (Odds) at any moment in time . The ‘Expectations’ (Odds) are not based on ‘Expected Expectations’ (Speculations). Although expected expectations are still considered expectations by some. The company seeks to expand its operations into Horse Racing in the U.S.
Chief executive Breon Corcoran revealed £2.2 million has already been wagered on the company’s exchange, with 30,000 customers set to make an expected £40 million-worth of bets before May 7.
He said: “Election betting activity will be much higher than five years ago, and our exchange was so accurate predicting the outcome of the Scottish referendum — when we called it early — that we expect a similarly accurate outcome in the general election.”
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