Britain begins voting in unpredictable national election

Polls are open for Britain's national election, and neither Prime Minister David Cameron's Conservative Party nor the Labour Party, led by Ed Miliband, is expected to win a majority of the 650 seats in Parliament. Not only have the polls been tight and fluctuating, but other parties are expected to fracture the vote: Liberal-leaning Scotland is expected to vote heavily for the Scottish National Party, and the populist conservative U.K. Independence Party is polling in third place.

Political gambling sites basically have the odds at 50-50 on whether Cameron or Miliband will be the next prime minister, Justin Wolfers says at The New York Times, adding, "I can recall very few elections where the bookies couldn't pick a favorite by election eve." The stakes are big, and not just for Cameron and Miliband and their respective parties: Bettors have put down more than $150 million on the outcome of the election. The polls close at 10 p.m. in Britain (5 p.m. EDT).

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