Brexit vote slashes the share prices of bookmakers following London market open

 
Francesca Washtell
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Bookies' share prices have fallen since the Brexit vote (Source: Getty)

Bookmakers' shares have dropped in London this morning, following today's 51.9 per cent vote in favour of leaving the EU.

Major bookies Ladbrokes and William Hill had more than 10 per cent wiped off their share prices within the first hour of trading.

Ladbrokes shares had fallen by 11.8 per cent by 8.40am (GMT) to 114.2p, while William Hill's slid 14.9 per cent to 257.6p.

Brexit Britain: What you need to know

Online bookie GVC Holdings' share price had fallen just over five per cent to 545p in morning trading, although it hit a low of 532p.

Read more: Banking stocks have fallen sharply at the open in London

Rank Group registered a share price drop of around 11 per cent, while Netplay TV's fell around five per cent and Sportech's fell almost four per cent.

In a statement released this morning, Ladbrokes said betting markets will face "tough questions" on why they got the Brexit outcome wrong, after odds yesterday put Remain in a huge lead.

However, it also said it made a profit on the Brexit outcome.

24 June 2016 @ 8:45amLadbrokes (LAD)

'We made a small profit on the referendum in the end. Generally, bookmakers win money when a favourite loses and lose money when a favourite wins," a spokesman for Ladbrokes told City A.M.

"There was record interest in this and the most encouraging thing for us is the sheer level of enagement in a non-sporting event. The British public took to political betting in a big way which is very encouraging."

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