Bookie pays up on Labour win

Ladbrokes say the odds are stacked against the Tories

Betting firm Ladbrokes is already paying out on a Labour win this Thursday.

The books closed on Labour winning most seats on Monday with the odds having fallen from 1/40 to 1/50.

But other bookmakers are still taking bets on Labour being the largest party.

Ladbrokes betting expert Sean Boyce said: "Nobody wants to bet on the Tories and no one wants to bet on the Lib Dems."

He said the decision was based on bets placed, opinion polls and media analysis.

Severe losses

"Of course, if Hague does cause an upset we'll end up paying out twice," he said, acknowledging that the losses would be severe.

The book on a Labour win has closed

Conservative leader William Hague refrained from commenting on the early payout, at his party's news conference on Monday.

But he reiterated that he was confident his party could win.

The company will be paying out tens of thousands of pounds in winnings.

But he the smart punters placed their bets early, with one punter standing to win £3,000 after betting £24,000 at 1/8 months ago.

Mr Boyce said: "We hope that by doing this we will get money back in circulation and people will put bets on other things like the size of a Labour majority.

Bookmakers William Hill is offering punters odds of 1/100 on Labour being the largest party, 16/1 on the Tories winning the most seats and 300/1 on the Liberal Democrats.

But its odds on Labour winning an overall majority are better at 1/50.

A William Hill spokeswoman said: "The election has been good for us, with about a £10m turnover being generated by it."

The biggest bet so far on Labour to be the largest party was £30,000 at 1/20 placed in May.

Stanley's Racing is offering 1/40 on Labour being the biggest party, with the Tories on 10/1 and the Liberal Democrats at 300/1.

But the chance of a large Labour majority could be influenced by the England football team's result in Greece on Wednesday where they play their World Cup qualifier, a political analyst has warned.

A drop in the feel-good factor that comes with a defeat for the national side could cost Labour seats, according to Lincoln Allison, senior lecturer in politics at Warwick University.

"Sport and politics are inextricably linked, and soccer is the most popular game, so it has the most impact," he said.