"The betting markets have an incredible record at predicting events at this stage of the day and our punters, who have bet millions of pounds on this election, say it's a Hung Parliament."
Conservatives fail to reach the 326 seat target needed to secure a majority
The Conservatives have not won an overall majority at the General Election, despite being backed at a low of 1.34 to do so on Betfair.
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The UK now has its first hung parliament since 1974 and the betting focus has shifted to whether we will experience a second election in 2010. The latest odds make it a 2.1 chance that UK voters will return to the polls before the year is out.
With the formation of government still undecided Betfair customers are betting on who will lead the next parliament. A David Cameron minority government is considered the likeliest outcome, trading at 1.13 on Betfair. Gordon Brown/minority can be backed at 7.2.
The 'Clegg effect' failed to do much for the Lib Dems. The third party of UK politics were fancied to put in a strong performance after their leader impressed during the live debates and were backed at 1.11 to win more than 70 seats. Current totals place them in the mid-50s.
Betfair spokesman Mike Robb said: "The game is up for the Conservatives. Yes they have won the most seats, as our markets have been forecasting for months, but the prospect of a Conservative majority is now over.
"The betting markets have an incredible record at predicting events at this stage of the day and our punters, who have bet millions of pounds on this election, say it's a Hung Parliament."