Spread betting uk general election 1997

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spread betting uk general election 1997

The UK general election must be called by May , with Conservatives widely expected to oust Labour. How certain are those expectations. the Labour Party in Opposition supported the UK's withdrawal from the EU. In the general election, these two parties included. Banks' financial trading desks traditionally increase staff on election nights to handle impromptu buying and selling of UK stocks, bonds or. BITSUM CRYPTO

Sometimes arbitrage opportunities were implied rather than being so explicit, and the bookies might not spot and stop these so readily. I can remember in the general election there were spreads available on the number of Labour MPs and on the number of women MPs which were way out of line with each other, given how many Labour candidates in marginals were women and therefore how tightly the two spreads should have moved together.

This was before online gambling, so you had to make phone calls to place the bets, which took a little time. I reckoned the safest course of action for arbitrage was first to place the bet which represented value in my way of thinking; then place the counterpart bet assuming it was still available. But once I had placed the first bet I was in a new situation, and in fact one I was quite happy with — I was sitting on a bet that I felt at the time was good value.

Why on earth would I want to now go and place another bet that to my mind was probably chucking money away? Lesson 4 — Going against the herd, when the herd is wrong Success can come from spotting when the herd is wrong, when everyone else is heading in the wrong direction — in gambling and in life.

You can make money and the bookies can make money, as long as other punters are losing. Shortly before a budget someone from a spread company told me they were thinking of opening a market on how often the chancellor would be interrupted during his speech and asked what I thought. I informed him it would almost certainly be none at all, since that was the established norm for a budget. I was then surprised to see they put up a spread of interruptions. Lesson 5 — Life looks leptokurtic Life is uncertain, and genuinely unpredictable events happen.

You could lose money on decisions which on the basis of the information you had at the time were probably correct. And sometimes I thought I did. Equally well, you could win on the basis of decisions which actually were probably wrong. Doubtless I did that too. Yet what the market makers had failed to factor into their judgement, based on historical data which suggested an average of five to seven wides per match, was that this World Cup would feature a white ball for the first time.

Anxious staff later revised the initial spread significantly upwards when they began to ponder the potential liabilities. In the first match between England and Sri Lanka, there were 21 wides bowled. India versus Kenya saw the most with By the time the curtain came down on the game tournament five weeks later, wides had been recorded. Anyone who went long at won more than times their unit stake. Sporting Index was staring down the barrel at a loss that ran to over half a million pounds on this one market.

The PR machine The obvious way to claw some of those losses back was to shout it from the rooftops and encourage the public to chance their arm next weekend. Some of the markets we would never get away with now. Suddenly punters could go high or low on the total shirt numbers of the goal scorers, or how many seconds after kick-off there would be the first throw-in.

But it was a big bunch of traders in there who had bought the corners. Political lobbyist Albert Tapper was hired in as a politics trader. Even a couple of the UK bookies branched out into spread betting for a short spell. Yet, one by one, most of the half-dozen firms gradually left the market. For many ordinary punters, spread betting was just too risky a product, even though you could close a losing position in-running, as well as set stop losses.

This was simplified version for the mass market that avoided the jargon and offered spread bets from just 1p. It failed to take off, though. However, Betfair arguably had the biggest impact on spread betting.

Suddenly you could lay selections, ask for odds and trade your way to achieving a green book. Yet most agree the s — an era with no internet and a dearth of data to help price up markets — was the heyday for spread betting. Ex-employees at Sporting Index equally look back with nostalgia for this period in time.

It was absolutely fantastic. Also, we were able to take some views, the directors trusted us. It was absolutely great in those early years. It was the glory days. He is also still in admiration of those who worked on the trading floor in the s. Anything you needed to know, they knew. I learnt so much from them because of their expertise and how to trade markets.

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Disputes within the Conservative government over European Union issues, and a variety of "sleaze" allegations, had severely affected the government's popularity. Despite the strong economic recovery and substantial fall in unemployment in the four years leading up to the election, the rise in Conservative support was only marginal, with all of the major opinion polls having shown Labour in a comfortable lead since late Through a series of defections and by-election defeats, the government gradually lost its absolute majority in the House of Commons.

By , the Conservatives held only House of Commons seats and had not won a by-election since Richmond in Timing[ edit ] The previous Parliament first sat on 29 April The Parliament Act required at the time for each Parliament to be dissolved before the fifth anniversary of its first sitting; therefore, the latest date the dissolution and the summoning of the next parliament could have been held on was 28 April The amendment of the Representation of the People Act required that the election must take place on the eleventh working day after the deadline for nomination papers, which in turn must be no more than six working days after the next parliament was summoned.

Therefore, the latest date the election could have been held on was 22 May which happened to be a Thursday. British elections and referendums have been held on Thursdays by convention since the s, but can be held on other working days. Campaign[ edit ] Prime Minister John Major called the election on Monday 17 March , ensuring the formal campaign would be unusually long, at six weeks Parliament was dissolved on 8 April.

This set a precedent, as the three subsequent general elections were also held alongside the May local elections. The Conservatives argued that a long campaign would expose Labour and allow the Conservative message to be heard. However, Major was accused of arranging an early dissolution to protect Neil Hamilton from a pending parliamentary report into his conduct: a report that Major had earlier guaranteed would be published before the election.

In March , soon after the election was called, Asda introduced a range of election-themed beers, these being 'Major's Mild', 'Tony's Tipple' and 'Ashdown's Ale'. But the latest MRP poll suggests that Labour has rallied in these seats. Would a low turnout prevent floating voters opting for the Tories? And what of Jeremy Corbyn? His popularity ratings remain low although he has largely managed to avoid the mishaps Johnson has befallen in recent weeks.

Will the prospect of him in 10 Downing St, which was never really a possibility two years ago, turn off those who voted Labour in ? The Lib Dem surge petered out fairly early on and their main hope is that Labour supporters lend them their vote to displace Tories in the South.

In such a close contest, Northern Ireland's 18 seats also take on new importance.