Paddy Power punters still putting on poll bets despite May’s charge

Paddy Power Betfair has already seen £4 million in betting action on the general election with five weeks to go despite Theresa May’s status as an overwhelming favourite, the firm said today.

With May 1/10 to land an overall majority and the Conservatives an even more prohibitive 1/20 to win most seats, punters are instead looking at bets on the exact size of the majority on the Betfair betting exchange, a company spokesman said.

“Whilst we’d normally expect high volumes in the two main markets, the short price of the Conservatives in both may force some of the more interesting trading onto the side markets,” he said.

Political punters are more focused for now on the French election, which sees centrist Emmanuel Macron run off against far-right Marine Le Pen on Sunday, with £22 million wagered.

The bookie reaped the rewards of a nightmare Cheltenham horse-racing festival for gamblers, as well as cost savings from the recent merger, as the group’s first-quarter profits more than doubled to £91 million.

But the shares dipped slightly, off 70p to 8705p, as the City was looking for bigger margins from the online business.

Punter-friendly results like well-backed golfer Sergio Garcia’s US Masters win and a host of winning football favourites put the bookie on the back foot in April.

Cenkos analyst Simon French called the figures mixed, adding: “We think the market may nudge forecasts down.”