March 22, 2019 / 10:30 AM / 3 months ago

No-deal Brexit odds dive under 5 percent on Betfair exchange

LONDON, March 22 (Reuters) - The implied chance of a no-deal Brexit tumbled to under 5 percent on the Betfair online exchange on Friday, after the European Union agreed a range of possible extensions to the process.

The move reflects the wagers placed on the Betfair system which is one of Europe's most widely-used peer-to-peer betting exchanges. Betfair charts showed the implied probability had been as high as 27.5 percent.

Friday's dive also contrasted with a number of major investment banks and fund management firms who have been upping their odds on the UK crashing out the European Union without a deal in recent days. (Reporting by Marc Jones; editing by Josephine Mason)

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