Bonanza for the bookies as £10m is placed in bets

The general election will produce the biggest political betting bonanza with more than £10million being gambled on the outcome, bookmakers said today.

Turnover last time was down because Labour were favourites but since the removal of betting duty and the advent of gambling via the internet, political betting has flourished.

Graham Sharpe, spokesman for William Hill, said: "We have already seen bets of £50,000 and £20,000 for Labour and two bets of £10,000 for the Conservatives."

William Hill have Labour 1/10 favourites to emerge as the largest party, with the Conservatives at 11/2 and the Lib-Dems 66/1.

But Hills have Tony Blair at 9/2 to exceed Margaret Thatcher's tenure at 10 Downing Street before standing down.