Sportsbet pays out on Coalition election victory
ONLINE bookmaker sportsbet.com.au has declared next Saturday's federal election a one-horse race, and has paid out all bets on the Coalition - nine days before Australia goes to the polls.
So confident of a landslide victory is Sportsbet,it has paid out more than $1.5 million in bets to its members - with the early payout being a first in Australian federal election history.
"As far as Sportsbet's betting markets are concerned, the Abbotts can start packing up their belongings ahead of their imminent move to Kirribilli House," sportsbet.com.au's Haydn Lane said.
"The Coalition are now into Black Caviar-like odds to win the election."
The Coalition are now priced at just $1.03 with Sportsbet to win the election, with Labor at $11.50 - its highest price since betting markets opened immediately following the 2010 federal election.
As it currently stands in Sportsbet's electorate markets:
- The Coalition is favourite in 90 electorates
- Labor is favourites in 56 electorates
- Katter's Australian Party is favourite in one electorate (Kennedy - QLD)
- An Independent is favourite in one electorate (Denison - TAS)
- Two electorates are too close to call (Lyons - TAS, and Lingiari - NT)
"According to the individual electorate markets, the Coalition are favoured to win 34 more seats than Labor," said Lane.
"While we believe the electorate markets were accurate when opened in January, punters have now had seven months to sort them out so they should be a reliable indicator of what will transpire on election day."
When markets closed on election day in 2010, 147 favourites in Sportsbet electorate markets went on to win the seat.
As with all Sportsbet early payouts the market remains open, meaning punters can take their cash, or can reinvest in the Coalition should they please.
The payout applies to all single bets placed before 9am on Thursday, 29 August, on the Coalition to win the 2013 Federal Election.