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Ladbrokes Plc cut the odds the U.K. leaving the European Union, placing a 40 percent chance on an exit.

QuickTake Will Britain Leave the EU?

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 U.K.’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 percent 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 Plc places the odds of an exit at 13/8, according to its web site. That means a successful 8-euro ($8.82) wager wins 13 euros. The odds of staying in are 4/9.