Political Bets Soar as Scotland's Historical Referendum Takes Place TodayPublished September 18, 2014 by Amir G
Political betting markets heat up today as Scotland votes on independence in historical referendum.
The date has come and history is happening right now as some 4.2 million Scots who registered to vote are on their way to the polls to decide on the big question of Scottish independence in today's Scottish Referendum. According to opinion polls conducted in the last 48 hours, the pro-union campaign is expected to win narrowly over the independence campaign.
Scotland's "Yes" campaign is led by its First Minister Alex Salmond, leader of the Scottish National Party which has been in power in Scotland since 2007. The main argument for separation from the UK is the desire for Scotland's independence and ability to have total control over its own affairs. Economically, separation supporters believe that Scotland will be able to sustain itself with its offshore oil fields.
Pro-unionists claim that Scotland will be much weaker on the world stage with severe economical consequences that will drive the country to raise taxes in order to pay for replicating institutions that are shared with England, namely state pensions and defense forces. Additionally, Scotland will also have to re-negotiate its EU standing, and generally it means many uncertainties and risks as well as a lot of costs.
The Scottish referendum also serves as a main stage for political betting. On Tuesday, UK sportsbook Betfair started to pay for punters who put their money on a "No" result for the referendum, after the sportsbook decided that this will most likely be the winning vote. A little more wary on this matter, William Hill Sports is also offering Scottish referendum bets, giving 19/5 for "Yes" and 2/11 for "No".
Other referendum betting markets include voting percentages and the Scottish currency after independence if it shall happen. Take your pick and make an historical wager – bets will be accepted until tonight.