Sportsbet pays out two days early on Australian election result despite close pre poll results

[GreenAcres]

We might be two days out from election day but one of Australia's biggest online bookmakers says this one is already over – and they’ve put their money where their mouth is.

While the major polls currently sit at 51-49 to Labor on the two-party preferred vote, those at Sportsbet appear rather confident of Labor’s chances.

The gambling site announced Thursday that they have paid out on all bets placed on Labor to come out on top.

It’s no small amount either, with $1.3 million sent out to savvy punters, including one man who has walked away with a $128,000 win.

“Our punters have spoken through their bets,” Sportsbet’s Rich Hummerston said.

“Seven of every 10 bets on the election are on Labor. They’re supremely confident we will be paying out on Saturday so we have decided to pay them early.

https://7news.com.au/politics/feder...early-on-labor-to-beat-the-coalition-c-115781

 

[GameinAction]

Wow, I'm not sure if this scenario happened before for a book to pay in advance, but this is my first time to encounter this. But, what will happen if other parties win? What will gonna happen to the payouts?

 

[BMR_Brad]

I'm surprised they only had a 1.3 million liability on Labour.

I bet the publicity stirred up quite a bit more betting on it.

 

[BMR_Brad]

Ha, well there is another sportsbook who has jinxed an election result.

Looking like the Liberal govt is going to retain power.

 

[GreenAcres]

Wow, I'm not sure if this scenario happened before for a book to pay in advance, but this is my first time to encounter this. But, what will happen if other parties win? What will gonna happen to the payouts?

The other party did end up winning but everyone got to keep their early payouts. I think they assume they'll probably see most of that money back from gamblers anyway so no big loss for Sportsbet!