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Brexit Impacting Spread Betting Firms
BREXIT IMPACTS SPREAD BETTING FIRM HARD
Sporting Index take a six-figure bath on Leave bets.
Political spread betting company Sporting Index saw unprecedented action in the run-up to Britain’s EU referendum Thursday, but it was a painful night for the firm as its clients consistently favoured Leave throughout the campaign, resulting in a six figure loss for the company.
Sporting Index was the first bookmaker to offer a market on turnout and the eventual 72.2 percent figure contributed to the loss as spread bettors clearly believed voters would turn out in force.
Ed Fulton, political spokesman for Sporting Index, said: “We were getting ready to pop the champagne corks at 10pm when a Remain win looked highly likely, but by midnight the bottles were shoved back in the fridge.
“When we got to 4am it was head in hands time on the trading floor and the punters have beaten us fair and square here. On the bright side, the volume of bets for the referendum was fantastic and we look forward to round two against our customers in the US presidential election.”
In related news, the UK media reported heavy stock declines on three major British gambling groups - Ladbrokes, William Hill and Paddy Power Betfair.
Ladbrokes saw its stock dive 10 percent, Paddy Power-Betfair suffered even more with a 25 percent hit, and Will Hill shareholders were out of pocket to the tune of 63 pence a share.
Fortunately as the shock of the Leave vote faded all the stocks largely recovered.
Bookies generally took something of a bath from the unexpected vote to leave the EU; the polls had shown a high probability for a decisive Remain vote and the odds from most bookmakers appeared to reflect that prediction on the run-up to the referendum.
Ladbrokes claimed to have won a little, with a spokesman advising the City AM newspaper: "We made a small profit on the referendum in the end."
Online betting company Betway fared less well, saying that it had suffered a "political betting bloodbath" following the Leave result, and reporting that just after polls closed Thursday night it was taking Brexit bets at 12/1 odds, but just a few hours later the results showed that it had sustained its biggest ever loss on a non-sport book.
"We’ve lost almost a third of turnover on this market, with pro-Brexit punters taking advantage of extremely generous prices," said spokesman Alan Alger. "Just like the general election, the polls got it wrong again and punters beat the bookies by sticking with their instincts."
Alger added that the Leave vote is likely to cost the bookmaking industry at least GBP 5 million.
A William Hill spokesman told City A.M. it had made a six-figure loss, while it took around GBP 2.5 million in total betting on the referendum campaign.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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