Punters overwhelmingly back 'Remain' vote on Thursday

If you follow the money, then the UK referendum is only going one way...

IBEC, Brexit, Ireland, benefits, upside, currency, trade, EU, referendum, Danny McCoy

The British Union Jack flies alongside the Irish Tricolour in front of Government Buildings. Image: RollingNews.ie

While the latest opinion polls on Brexit have the 'Leave' and Remain' camps neck-and-neck ahead of the UK referendum on Thursday, Paddy Power has revealed its customers are in little doubt as to what the outcome will be. 

Right now, backing a result which would see the UK opt to stay in the EU will give you odds of 1/4, as most punters having a flutter figure that a 'Remain' vote is the only realistic outcome.

The minority of people taking a chance on the 'Leave' side being victorious are in for a far more lucrative pay-out, with odds at 3/1.

This ties in somewhat with a new ORB poll for the Telegraph showing that 53% of decided voters will choose 'Remain', compared to 46% for 'Leave'.

The 'Leave' camp is narrowing the margins in the polls late on, however, which is not reflected in the betting.

Indeed, Paddy Power reports that its customers have been fairly sure of a 'Remain' vote for some time. 

When generous odds of 9/2 on a Brexit coming to pass were made available at the end of May, high-stakes punters were still "cagey" about putting money on it.

The situation stayed the same even when 'Leave' was gaining momentum in mid-June.

With a TNS poll giving it a seven-point lead and Brexit supporters growing while 'Remain' stayed static, Paddy Power admits it struggled to sell 3.5 odds on a Brexit for days.

They also attracted five-figure sums on 'Remain' at low odds of between 1.18 and 1.22 during that period.

Despite a delayed take-up for 'Leave', odds didn't settle as short as anticipated, only dropping as low as 6/4 before rising to 9/4.

The betting company concludes:

"The big guns are out now, and punters have wagered a whopping £500k this week. Two single bets of £30k were placed on Remain at odds of 1/3 – the betting support for Remain is huge and shows no signs of faltering. 

"Undecideds are more likely to go with status quo the longer they leave it before deciding – so the theory goes. Perhaps this is what is tempting people to part with the big bucks at this stage."