GBP: Was Betfair election pay-out just a marketing exercise
There is some suggestion in the marketplace that the Betfair early pay-out on the Scottish independence referendum was done more out of marketing reasons than on any voting conviction. Pretty good piece of marketing if that was the case!
GBP has rallied strongly especially against the EUR and JPY in recent sessions on the presumption that a No-to-independence is now a foregone conclusion. It might be tighter than people think.
I’m still of the view that trading the GBP is best avoided for the next 24 hours but the big risk is to the downside (in case of an unexpected result).