Political Gamblers Back Cruddas

This week has seen some heavy betting on Jon Cruddas to be Labour's next deputy leader.  Following his strong performance there was a marked movement in the money on Cruddas which was picked up on by Mike Smithson, here.

Mike wrote:

'Most of us have opinions about political outcomes - gamblers are prepared to back up their views with hard cash and that’s what these charts are showing.


The big “winner” amongst the outsiders was the only non-minister - John Cruddas who, until now has suffered from the lack of name recognition. As the Independent reports this morning his support is now growing in the constituencies with many more coming out and endorsing him.'

Since then, it was announced on Wednesday's Newsnight that a considerable number of Newsnight viewers voted that Cruddas won the debate well ahead of all his other ministerial rivals.

Yesterday upon the close of CLP nominations, Cruddas received the second largest number of constituency endorsements:

Benn 77
Cruddas 68
Harman 59
Johnson 44
Blears 36
Hain 23

The trade union section is another part of the college which Cruddas is expected to perform very strongly in.  Although there is no block vote, a union's official endorsements still make a difference in such a close contest. Luke Akehurst has posted the candidates' total support by size of affiliation as a guide to the alignment and size of the different unions:

Cruddas - 1,030,100
Johnson - 710,000
Blears - 323, 652
Hain - 101,066
Benn - 1,000
Harman - nil

Collectively these factors have  seen the money follow Cruddas and William Hills bookmakers have cut Jon Cruddas's odds to 4/1 - his shortest yet. 

Current prices:

Benn 11/10
Johnson 5/2
Cruddas 4/1
Harman 6/1
Blears 14/1
Hain 25/1

Benn and Johnson have always been the front-runners but it is Cruddas that has the momentum. Blears and Hain appear to be going backwards.  If the bookies are right, Peter Hain only has a 3.8% chance of winning.  No ballot papers have been issued, but it is increasingly lookin like a 4-horse race, with Cruddas nicely positioned for a surprise. 

So, who's your money on?


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Re: Politcal Gamblers Back Cruddas (#1)

What none of us bears in mind is the proceess of election - it matters not a jot who gets the most number 1s, but who gets the most top 3s who will win imho. For this reason, people should be looking at the candidates who are most likely to appear in a lot of top 3 positions without necessarily winning many top positions. I think this favours Harman because many people will aquiesce with her comment that she should get votes for being a woman (!!!!!), and Benn for being an allround sort of nice guy. I don't think it will hurt Blears or Johnson either way, but could count against Cruddas and Hain who might prove to be love them or hate them candidates. Just betting observations, not political preferences or anything...

Re: Politcal Gamblers Back Cruddas (#2)

It's a fair point I guess. I reckon the most important thing may turn out to be who Harman suporters go for on 2nd preference. If she is knocked out before Cruddas, could we see a surge in Cruddas support from Harman backers? Or are Harman backers going to go for Benn or maybe Blears (female solidarity) as their 2nd preference?

Re: Politcal Gamblers Back Cruddas (#3)

Harman supporters won't bsck Blears. Truse me, I've asked them! I put a nice big fat bet on Jon Cruddas back in December. Am looking forward to collecting all those lovely, lovely winnings!

Re: Politcal Gamblers Back Cruddas (#4)

I am assuming Harman has slightly more backers than could have been asked by your goodself in the few days this campaigning has been running? I even know a couple myself, but have yet to check if you've been intouch :-)

Re: Politcal Gamblers Back Cruddas (#5)

I've just recieved some bumpf from Cruddas, glossy leaflets, the first his team have put out; so his confidence must be building.