Implied probability of no-deal Brexit tumbles to under 5 pct on Betfair exchange

The implied chance of a no-deal Brexit tumbled to under 5 percent on the Betfair online exchange on Friday, after the European Union agreed a range of possible extensions to the process. The move reflects the wagers placed on the Betfair system which is one of Europe's most widely-used peer-to-peer betting exchanges. Betfair charts showed the implied probability had been as high as 27.5 per cent. Friday's dive also contrasted with a number of major investment banks and fund management firms who have been upping their odds on the UK crashing out the European Union without a deal in recent days.