Over £40m gambled on outcome of the election

MORE than £40m was bet on the outcome of the general election.

The hype surrounding the closest-run election in almost 30 years was clear as four times as many bets were placed compared to 2005.

Most punters placed their bets on a Tory majority or a hung parliament.

Paddy Power had already paid out on bets placed before last Monday on the Tories to win the most seats.

Several gamblers lost big money betting on a Tory majority, with one staking £6,000 on David Cameron’s party to emerge victorious.

However, it wasn’t all good news for the bookies – Ladbrokes say the result could cost them an eye-watering £250,000.

The record number of punts on this election were spurred by the growth of online betting, with all major bookies reporting huge spikes in bets placed online.

The internet has also opened up political betting from a highly specialised market to average punters.

This is also the only election where gamblers could bet on each of the 650 constituencies.