Almost £120 million was wagered on the outcome of the "Brexit" referendum, breaking the record for non-sporting events, but the shocking result left bookmakers nursing heavy losses, although some showed a profit as punters backed "remain" heavily at short odds.
Betfair was one of the companies to show a profit thanks to the way they took commission from bets placed on the exchange rather than in a traditional bookmaking sense. Nearly £80 million was wagered through the exchange, with close to £40 million of bets taken by various bookmakers.
Both Ladbrokes and Betfred said they made a profit on the Brexit referendum thanks to customers heavily backing remain.