Ladbrokes cut the odds the UK leaving the European Union, placing a 40 per cent chance on an exit.

Ladbrokes cut the odds of an exit to 11/8 from 6/4 overnight, it said in a statement in London on Tuesday. The chances of voters supporting leaving the 28-country EU have hit a record high, Ladbrokes said.

“The odds for the vote in the UK’s four nations suggest that the result is almost too close to call in England but a remain verdict is a huge favorite in Scotland,” Matthew Shaddick, head of political odds at Ladbrokes, said. “The polls and the odds suggest this could be a photo-finish.”

Some 50 per cent of voters would choose to exit, when undecided voters are excluded, the Daily Telegraph reported on Monday, citing an ICM poll for the Vote Leave campaign. Prime Minister David Cameron has promised a renegotiation of Britain's relationship with the bloc, and a referendum on membership by the end of 2017.

Irish bookmaker Paddy Power places the odds of an exit at 13/8, according to its web site. That means a successful €8 ($8.82) wager wins €13. The odds of staying in are 4/9.

Bloomberg