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Brexit should finally kill this wisdom of crowds nonsense. But it won't. The Guardian.
As the polls closed last night, Ladbrokes was offering 4-1 on an out vote, with its betting suggesting that a remain verdict was a 90% certainty.

But with much more money bet on remain than leave, the bookies are likely to turn a large profit.

In a candid statement, Ladbrokes' head of political betting Matthew Shaddick said: "The truth is that bookies do not offer markets on political events to help people forecast the results. We do it to turn a profit (or at least not lose too much) and in that respect, this vote worked out very well for us.

"Nobody at Ladbrokes' HQ will be criticising the predictive powers of our odds, they'll be looking at the money we made."

by gk (gk (gk quattro due due sette @gmail.com)) on Fri Jun 24th, 2016 at 07:10:06 AM EST
Working class, small amounts.

The in punters were the City boys. A little more disposable income to piss away at Ladbrokes.

Not the wisdom of the crowds, Ladbrokes. Wisdom of City wishful thinking, more like.

by John Redmond on Fri Jun 24th, 2016 at 07:54:05 AM EST
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