There is now official betting being offered by a local bookmaking entity, Island Bet, on the outcome of the February 25 General Election.

A flyer obtained by the Jamaica Observer promotes ‘Island Bet’ stakes at different odds to potential players on the results of the election.

The Island Bet rules and conditions, as advertised on its promotional flyer, indicates that all bets must be placed by midnight on the day before the election, Wednesday, February 24.

The advertisement also warns potential bettors that all bets are final, and that the winners of each of the 63 seats on offer will be posted when the election results are certified by the respective returning officers.

Further, the rules and conditions state that in the event that a “seat is not declared due to a recount or a re-vote all bets that may be altered by the outcome of this circumstance will be held until the seat has been recounted or re-voted and certified by the respective returning officer.

The final rule and condition on the flyer is the standard submission by most betting companies offering fixed odds: — “the lines are subject to change without notice at the sole discretion of Island Bet.”

The odds being given at this time on the chances of the main participants in the elections, the governing People’s National Party (PNP) and the Opposition Jamaica Labour Party (JLP), are listed as minus (-) 11.5 for the PNP and plus (+) 11.5 for the JLP. This form of odds delivery is often termed as the betting spread and is regularly used by bookmakers in North America, especially when taking bets on American football, basketball and baseball.

A check by the Sunday Observer with the regulatory agency for bookmakers in Jamaica, the Betting Gaming and Lotteries Commission, confirmed that Island Bet is an official betting agency and had received approval to take bets on the election.