|Betfair, the world’s leading betting exchange, witnessed extraordinary trading patterns and price fluctuations overnight as the US electorate turned out in record numbers to vote on the Presidential election. |
Before the polls opened – and the Betfair market turned in-play - Bush had been a firm favourite with Betfair customers to win another term.
But as news of a high electoral turnout, which traditionally favours the challenger, filtered through, Betfair customers reacted emphatically by backing Kerry and the Democrats into an incredible 1.25 (1/4).
Such was the confidence amongst Betfair’s punters that pollsters were flocking to back Kerry, Bush’s price jumped from a steady 1.78 to an amazing 5.00 (4/1).
The betting activity then took another dramatic turn when Betfair customers swooped on anything over even money for Bush as it became clear Kerry wasn’t receiving the weight of votes expected from the first-time voters.
As a result, Bush, the favourite for so long on the Betfair market, regained overwhelming favouritism and is now prohibitively short to back at 1.03 to remain in the White House.
The swing states have also provided their share of market fluctuations on Betfair, swinging both ways as the day’s events unfolded. Ohio, recognised as the key state in the election, has seen both parties trade odds-on. At one stage the Democrats traded as low as 1.15 and the Republicans as high as 9.80.
Mark Davies, Director of Communications, said:
“We have seen a massive amount of trade, interest and fluctuation on this market. As events in the U.S. continued to unfold there was up-to-the-minute reaction on the site, which made for a very exciting and eventful night.”