Something Strange Emerges When Looking Behind The “Brexit” Bookie Odds, by Tyler Durden.

[A]ccording to Ladbrokes’ head of political betting, Matthew Shaddick, the key catalyst that moved bookie odds on Monday morning, the first day after the suspended campaign in the aftermath of Jo Cox murder was resumed, “we took a £25,000 bet on Remain this morning which helped move the odds in their direction.” This in turn unleashed a global asset surge, as markets rebounded on expectations the Leave campaign was losing momentum, even as actual polls – still neck and neck – did not validate such an observation. …

[A] few large bettors are skewing the bookie odds dramatically in the favor of Remain, even as the mass of bettors is betting on Leave, albeit with smaller cash amounts. Another way of putting it: a substantially outsized influence by a wealthy minority over the poor majority, just like in every other aspect of life. …

The obvious reason for wanting to manipulate the betting market:

[W]ith the public seeing that “Remain” is winning based on bookie odds, it is shifting popular sentiment toward Remain. …

One simple, if very cynical explanation, is the following: wealthy financial entities, including local banks and rich individuals, all of whom have an interest in keeping the UK in the EU and preserving the status quo, are placing far larger bets…

I’ve had my suspicions that the odds are being skewed to remain, noting the discrepancies with polls. Maybe the “market” knew something? Maybe, or maybe it was just being manipulated. According to Ladbrokes, above, it only requires 25,000 pounds to buy this invaluable persuasion device!

This pretty much means betting odds on elections are useless as a predictor from now on, if they are being manipulated.