What Betting Markets Have to Say About Brexit
Having failed miserably to predict the results of the 2016 referendum, the U.K.’s famous betting houses are trying again
The difficulty of discerning what will happen with Brexit has some asking whether betting shops, rather than financial markets, will provide better clues for the future.
It would be a redemption story for betting markets, after they failed miserably to predict the outcome of the U.K.’s 2016 vote on whether to leave the European Union. That miss wrong-footed both betters and currency traders, many of whom invested in the pound based on signals from the betting markets. The so-called wisdom of crowds turned out to be wrong,...