By Andy McCue, 29 April 2005 13:10
NEWS Labour is being tipped to win next week's general election with a vastly reduced majority, according to the money being wagered by UK betting punters.
While the credibility of opinion polls has been hit by spectacularly inaccurate predictions at the last couple of general elections, the amount of money being placed at bookmakers has proved far more accurate.
Online betting exchange Betfair went against the opinion polls and political experts to correctly call the results of both the US and Australian elections last year.
If that same winning streak continues next week then Tony Blair will be returned to power - albeit with a vastly reduced majority from 166 seats in the 2001 election to fewer than 60 seats this time around. There is also heavy money on a majority of 61 to 80 seats.
The only point on which the bookies and the opinion polls agree is that the Conservatives are facing another election disaster.
A Betfair spokesman said: "Punters aren't giving the Conservatives a chance for most seats. Markets on Betfair act as opinion polls - and are generally more accurate - as these are people who actually put their money where their mouth is."
Bookmaker William Hill said its betting patterns indicate Labour will get back into power with a higher majority than the 63 seats it initially predicted. A spokeswoman said a lot of money has gone instead on a majority of 64 seats or more.
William Hill has also slashed its odds on Blair's majority in his Sedgefield constituency falling from 17,713 to fewer than 12,000.
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