Gambling on political outcomes explained:
When Clement Freud stood as Liberal candidate in the Isle of Ely by-election in 1973, he began as a 33/1 outsider. He then placed several £300 bets, enough to send the odds plummeting. “The clever money seems to be going on Freud,” said the Daily Telegraph. As the candidate later put it: “Actually, it was the Freud money going on Freud.” But it created the sense of impetus that has always been crucial to by-election upsets. Freud won and held the seat for 14 years. (When the Tories won it back, Freud was 5/1 on.)