Skip to content
Subscriber Only

How Did the Bookies Get It So Wrong: Ladbrokes Tries to Explain

  • Gambling firms had placed 90% probability on Brexit rejection
  • Sometimes long-shots win, Ladbrokes says as markets plunge
Video player cover image

Brexit: Winners and Losers

The result of the U.K.’s Brexit referendum defied gambling firms, which placed a 90 percent chance on the nation remaining in the European Union as the campaign drew to a close. It might just be one of the occasions where an outsider wins, Ladbrokes Plc said.

The final tally, announced just after 7 a.m. London time, showed voters backed “Leave” by 52 percent to 48 percent, sending the pound and stock markets plunging. The government’s pro-EU campaign was defeated by more than 1 million ballots, dealing a blow to the notion that betting odds provide a better guide to the direction of political events than polls.