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GBP/USD picks up some of Betfair's optimism after bookie pays out on No vote

FXStreet (London) - Online bookmakers Betfair today paid out on bets placed on a “No” vote in the upcoming Scottish referendum, despite a result being three days away.

While Betfair has paid out on wagers placed through its regular bookmaking business, bets placed on its exchange remain live until the result of the referendum is announced.

Scottish voters go to the polls on Thursday, but results are not expected to be in until Friday morning at the earliest.

“We've decided that 'No' is most likely to be the winning vote in 3 days' time, so we've put our money where our mouth is,” said Betfair today.

Bookmakers often pay out when an event appears to be a foregone conclusion as a publicity exercise. However many polls suggest that it remains a tight race.

Fredbet famously got it wrong in 1998 when founder Fred Done, a life-long Manchester United supporter prematurely paid out on the team winning the Premier League, only for Arsenal to overturn a 12-point deficit, costing the company GBP500,000.

GBP/USD is currently trading at USD1.6214 , picking up some of Betfair's optimism after hitting a low of USD1.6163.

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