LONDON (Alliance News) - Ladbrokes PLC on Friday said turnover from bets on the European Union referendum eclipsed that of bets made ahead of the 2015 UK general election, making it the gambling company's biggest ever betting event.
Ladbrokes said over GBP1.5 million was staked during Thursday night and Friday morning between polls closing at 2200 BST on Thursday and 0430 BST on Friday, giving the bookie the busiest night in its history.
Ladbrokes said Remain had been favourite since it took its first bet in 2013 and at 2205 BST on Thursday Remain was its shortest price of 1/12 while Leave was 6/1. However, by 0210 BST on Friday, Leave was 4/6 favourite with over GBP1 million gambled in the four-hour period since polls closed.
"As the polls closed the turnover we saw was staggering. All through Thursday the big bets had come in favour of Remain, but as the clock ticked towards midnight the most extraordinary reversal got underway," Media Director David Williams said.
"In the end we've managed our book well enough to make a few quid, but the real story for the bookies was just how enormous the turnover was. Never before in our 130 year history have we known a night when betting went through the roof like this," he added.
Meanwhile, rival William Hill said business will continue as usual following the vote to leave the EU. The bookie said it will "continue to monitor developments" including the announcement of a new prime minister after David Cameron revealed his intention to resign, but said there have been no "knee jerk reactions" so far.
Looking beyond the immediate event activity, online gaming affiliation Better Collective said the referendum result has "left the bookmaking industry scrambling for a position", but added that it thinks the industry soon will recover from the "shock" result.
"Bookmakers and their suppliers are going to feel the pinch almost instantly, as many operate across the EU where prices for services will be hit by the poor pound. Income for many international affiliates that are rooted in the currency are going to be hit by the payments they're taking in sterling, with many based in countries such as Denmark, Malta and Germany. This will be a huge issue in the short term, and it'll take robust planning to weather the storm and emerge on the other side," Senior Business Manager Michal Kopec said.
"On the regulatory front, bookmakers and affiliates shouldn't be affected for now, as the Gambling Act regime is a stable one, with many organisations well briefed and prepared for any potential changes," he added.
Shares in Ladbrokes were trading down 3.9% on Friday afternoon, while William Hill shares were down 7.2%.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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