Gambler loses $297K Scottish referendum winnings on U.K. election bet

A man who made $297,000 by successfully betting on the outcome of the Scottish referendum is thought to have made the biggest ever loss on a political bet with a failed venture on the U.K. general election.

The anonymous man previously bet $1,386,000 on the outcome of September's Scottish referendum, winning $297,000.

This year he placed a $308,000 bet at 2/9 on a hung parliament and then added a further $8,500, wiping out the profits from his previous bet, and more.

A spokesman from bookmaker William Hill said: "For the majority of the night we were convinced he was on to a winner but things then spiraled against him.

"This is the biggest ever loss on a political bet but I have spoken to the man and he will live to fight another day. He is going to take a low profile for a while.

"He was more concerned that his analysis of the election didn't work out, more than losing the bet.

"It has been a remarkable series of bets," Hill added. "Although he lost, many of our clients have flourished. It has been quite an expensive night for us."

Elsewhere a gambler from the Midlands put $4,000 on a Conservative majority four days ago in Betfred and won $71,000, while Paddy Power's biggest win was a customer who won $38,500 by betting David Cameron would continue as prime minister.

This story originally appeared in The Independent. The content was created separately from Paste BN.

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