The ANC is the firm favourite to win the national elections, according to online bookmakers. But there's money to be made if your longshot bet on the DA or the EFF upending the political consensus to win the most votes pays off.
With elections set to take place on May 8, online betting website sportingbet.co.za was on Friday offering odds of 1.06 if the ANC wins the most votes. This means that, for every R1 you put down, you will receive just 6 cents back if the ruling party wins. The website sports.bwin.com has the same odds.
This view is in line with the latest polling which shows the ANC easily in the lead, with most polls estimating its support at between 50% and 60% of the vote.
If, however, the DA or the EFF sneak in with a wholly unexpected win, punters can make a tidy profit.
Sportingbet.co.za has odds of the DA winning the most votes at 13/1, with the with EFF at 17/1.
So how much money is there to make?
A bet of R50 for an ANC to win the most votes would get you get back R53 in winnings, a gain of R3.
The stakes are much higher for the DA and EFF. A bet of R50 on the DA would yield R650 if the party polls and gets the most votes, a gain of R600. A bet of R50 on the red berets, meanwhile, will yield R850, meaning R800 in winnings.
The site only has three parties to chose from.
A spokesperson from sportingbet.co.za confirmed via email that bets can be placed until midnight (23:59) on Tuesday, May 7, thereafter the market will be suspended.
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