Nick Clegg was announced as the new leader of the Liberal Democrats today, after beating rival Chris Huhne by 500 votes. I predicted a month ago the contest would be close but alas, I still lost money on the betting markets, mainly due to the fact that I initially backed Steve Webb at 16/1 after finding out on the blogosphere that he had got the requisite 17 nominations, but he later decided not to run. For what it is worth, I think Huhne was the better option.
I have two strategies when it comes to betting. The first is no matter what the odds, make sure you back the winner. The second is to have a punt on what you think is the value bet. The problem with the first strategy is that you do not always know who the winner will be, but you are guaranteed to win money if you pick it. The problem with the second strategy is that you will lose possibly as many bets as you will win, but in the long run you should make a profit.
In future, I will have to stop mixing these strategies.