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A bookmaker takes bets on a 'Referendum Race' sponsored by the bookmakers Ladbrokes at Musselburgh racecourse in Edinburgh, Scotland, on September 15, 2014, ahead of the referendum on Scotland's independence.AFP / Getty Images

The stakes are high as voters in Scotland head to the polls to decide whether to separate from the United Kingdom, and British bookmakers are readying for big payouts as bettors wager more than ever on the outcome.

Polls put the referendum neck-and-neck, but the betting market is firmly in favour of a vote against Scottish independence with odds of a No result hovering around 1 to 4, or a 75 per cent chance. A Yes vote would offer a bigger payout, with odds of about 7 to 2.

The attention on the referendum has driven estimates for total bets placed to as much as £50-million ($89.6-million), although others believe the final tally will be closer to £15-million.

Either way, this is the largest political event ever for betting companies such as London-based William Hill PLC, the biggest bookmaker in Britain. The firm initially projected a good result would be £500,000 in bets related to the referendum, but wagers have been pouring in consistently since the announcement and the amount of bets has climbed to nearly £2.5-million in recent days.

Those betting against Scottish independence have put large sums behind their choice.

One of William Hill's customers broke the political betting record with a £900,000 wager on a No vote. That would yield a profit of nearly £200,000, said Graham Sharpe, a spokesman for the company.

"He first came to one of our shops in June with £400,000. He came back twice in August … and came back this morning with an additional £100,000," Mr. Sharpe said.

A lot of those smaller bets are being placed on a Yes vote, with which the possibility for gains is higher.

Betting companies and bookies are known for pulling stunts to attract attention and the referendum's spectacles included a two-horse race at Musselburgh Racecourse in Scotland, where a horse temporarily named Yes We Can got the best of Neigh Thanks at the track.

Betfair's Sportsbook business, which sets fixed odds internally, also made waves when it agreed to pay out all No bets it in advance of the referendum because the 79-per-cent odds had been stacked so far in favour of Scotland remaining part of the U.K.

Alongside the main Scottish vote, punters can gamble on responses to, and possible implications of a Scottish exit.

William Hill offers niche bets such as what currency an independent Scotland would use. Odds are 1 to 2 that Scotland will stick with sterling, 3 to 1 that it adopts the euro, and 5 to 1 that it creates a new currency of its own.

"You can even bet on a market we put up this morning – what will the colours of the Union Jack [flag] be if the Scots go?" Mr. Sharpe said. "They're in it at the moment, and we won't want them in it if they're gone."

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