But punters got Chesham and Amersham totally wrong

The chart shows the latest betting on next week’s by-election in Batley & Spen where Labour is pinning its hopes on Jo Cox’s sister to see them home in what could be a tricky contest. This isn’t helped by ex LAB and then Respect MP, George Galloway standing on an anti-Starmer platform.

I’m often asked if betting markets are predictive and last Thursday underlined the fact that they can get it terribly wrong. If that was the case then favourites would always win which, as we all know they don’t.

I was accused of ramping when in the run-up to last week’s election I suggested that the LDs were a great value bet in what for me turned out for the most profitable political bet that I have ever made and that is saying something. Those who took my advice got odds of upto 20/1

My view of Batley is I am much less convinced about how it will go and have only had small bets. I just wonder whether the anti-Tory vote might coalesce around Labour in the same manner that the anti-Tory vote went to the LDs last Thursday so for the moment that is where my cash is going.

Mike Smithson

UPDATE: These are the markeThis market relates to whether the UK government re-introduces any legally enforceable restrictions on social contact in England related to the spread of coronavirus, following the legal end of restrictions on social contact (currently expected to take place on 19 July 2021). Examples may include, but are not limited to, the mandatory wearing of face masks on public transport or the closure of pubs/nightclubs. For the purposes of this market, restrictions will not include any regulations on international travel or any regulations related to self-isolation or quarantine. For the purposes of this market, ‘re-introduce’ does not require any restrictions to exactly replicate previous restrictions. If the UK government does not end restrictions on social contact in 2021, and thus could not ‘re-introduce’ restrictions, this market will be void. Dates in this market relate to when any restrictions come into force in England, rather than the date on which they are announced. All times and dates in this market are in UK time. Clarification (14 July 2021): This market refers to mandatory England-wide measures introduced by the UK government. Any measures that are introduced locally or by individual companies (e.g. Transport for London only) will not count towards the settlement of this market. Clarification (6 September 2021): If ‘vaccination passports’ are required for entry to nightclubs or other events, this market will be settled for yes, so long as the measure satisfies the other conditions in the market rules, i.e. that it is mandatory, implemented by the UK government, England-wide and legally enforceable. Clarification (12 October 2021): If vaccines become mandatory for people working in care homes at any point in 2021 (https://www.gov.uk/government/publications/vaccination-of-people-working-or-deployed-in-care-homes-operational-guidance/coronavirus-covid-19-vaccination-of-people-working-or-deployed-in-care-homes-operational-guidance) this market will be settled for yes, so long as the measure satisfies the other conditions in the market rules, i.e. that it is mandatory, implemented by the UK government, England-wide and legally enforceable.