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Opinion Polls and Bookies' Odds

3 min read

This is a story about inverse correlation...

Marine Le Pen

I want to talk about three past votes, and two future ones: Brexit, Trump, Geert Wilders, Marine Le Pen and the UK General Election.

Brexit and Trump followed a very neat pattern of anti-correlation with the expected result. The opinion polls showed that the UK was going to vote to remain in the EU, as well as showing that Hilary Clinton was going to win the US presidential election. The bookmakers' odds showed that most people were betting in line with the opinion polls, so the odds were short on remain & Clinton, and long on Brexit & Trump.

Geert Wilders and his far-right PVV party were clear favourites to win the majority of seats in the Dutch election. The opinion polls and the bookmakers were in PVV's favour. Again, we saw anti-correlation, with PVV failing to secure a majority and Geert Wilders being dealt a long-overdue blow. It was encouraging to see racism, bigotry and the far-right's rise and rise, finally falter.

France's Marine Le Pen is behind in the opinion polls and has long odds offered at the bookmakers. Does this mean that the pattern of anti-correlation is going to continue, and our nearest continental neighbour is going to vote for an extremely right-wing president?

Opinion polls are flawed when it comes to voting for racists and bigots. People are not going to openly admit to their abhorrent views, but when they have the anonymity of the voting booth, the truth is revealed: the west is much more racist than it cares to admit.

The Conservatives have styled themselves as a centrist party, but one must always be mindful that their roots are right-wing. It's no accident that Eurosceptic, anti-immigration, bigoted and racist views have come to dominate the political landscape during the time they have been in government.

If, instead of asking the question "should the UK remain a member of the EU?" we had asked "would you kill somebody if you could get away with it?" and people had voted "yes" in the anonymity of the voting booth, should we legalise murder because it has a democratic mandate? Fundamentally, I think there is a nanny state role to be played when it comes to civilising the barbaric and abhorrent aspects of the knuckle-dragging masses. Ask a stupid question, get a stupid answer.

Looking at the upcoming general election, the outcome is not going to be that interesting. In the year that the Lib Dems formed a coalition with the Conservatives, I had placed a bet on the Lib Dems at odds of over 500 to 1. Right now, you can only get odds of 60 to 1, which are still very long odds, but nowhere near as long as they have been in the past. Odds on Labour of 18 to 1, in what is widely considered to be a two-horse race, are very generous indeed. Perhaps Labour will surprise pundits and all those truly left-wing socialist people who get laughed at for being wide-eyed optimists, will no longer be ignored.

The next couple of months are going to be very interesting, to see if the pollsters continue to get things completely wrong, and that there's plenty of money to be made by betting against the favourites.

 

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