Oct 17, 2022 - Economy

Gamblers are losing faith in Liz Truss' future as U.K. prime minister

Data: Smarkets; Chart: Axios Visuals
Data: Smarkets; Chart: Axios Visuals

Bettors believe that Liz Truss' chances of holding onto the U.K. prime ministership are fading fast.

By the numbers: Gamblers are wagering there's a 76.5% chance that Truss will exit before 2023, according to Smarkets, a London-based betting exchange.

  • That's up from 8.2% a week ago.
  • Betting on elections is not legal in the U.S. But it's a favorite (and legal) pastime in the U.K.

State of play: Truss, who took office in early September, is already teetering after she was effectively forced to abandon her plan for comprehensive tax cuts, which spooked the world's financial markets and rattled the U.K. economy.

  • "The future of the current government remains uncertain, as political analysts and even fellow lawmakers say Prime Minister Liz Truss has all but lost her power," the New York Times reported.

Be smart: Prediction markets and gamblers are playing a probability game. Nothing's certain.

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