Jeremy Corbyn’s appointment as the new Labour Leader has hit the UK bookmakers for six, with numerous outfits admitting that a ton of bets were made when Corbyn was a 200/1 to 100/1 underdog.
When it comes to left-wingers the name Ryan Giggs is permanently tattooed into my lips; that’s changing. Today there is a new name from the left wing that has made quite an impression in the last couple of weeks.
Left-winger Jeremy Corbyn is the new Labour Leader after his landslide victory in the recent leadership elections. The man who once stood on the fringes of Labour politics, now owns the crown, after securing almost 60% of the votes in the first round of voting in the 2015 Leadership campaign (251,000 of the 422,000 casted votes).
His incredible victory is set to hit the UK bookmakers for six. As short as three months ago you could have picked up odds of 200/1 for Corbyn becoming the new Labour Leader, and numerous bookmakers have admitted that a series of punters will cash in on those odds: spokespersons from Betfair, Ladbrokes, William Hill and Paddy Power have all advised that bets in the 200/1 to 100/1 mark were made on Corbyn.
In August, William Hill spokesperson Rupert Adams told the Huffington Post that Corbyn was being backed ‘as if he cannot lose’ as bookmakers were forced to slash his odds as it seemed more likely that his grassroots campaign would end in victory.
Corbyn Bets Continue
Corbyn, who is in the midst of putting together his new shadow cabinet, might have the throne, but the UK bookies don’t believe his bottom will warm it for that long.
Ladbrokes are offering odds of 8/1 that he will be ousted by the end of the year, 5/2 on him being replaced by the end of 2016, and 7/2 that he will be out on his ear by the end of 2017.
Spread betting outfit Sporting Index believe Corbyn will last less than 18 months in the role after eyebrows were raised over his shadow cabinet appointments. This time stamp puts Corbyn’s exit some time before Jan 1 2017. If this happens he will be the shortest Labour Leader since Arthur Henderson lasted 420 days in the 1930s.