Sportsbet has paid out all bets on a Coalition victory 9 days before the federal election.
The online bookmaker today paid out more than $1.5 million in single bets. It said the early payout was a first in Australian federal election history.
To receive the early payout, bets had to be placed by 9am this morning.
Sportsbet head of communications Haydn Lane said the Coalition was now into “Black Caviar-like odds to win the election”. A Coalition victory is now priced at $1.03, with Labor at $11.50.
Sportsbet’s individual electorate markets also suggest that Tony Abbot’s Coalition will win 34 more seats than Kevin Rudd’s Labor.
Earlier this week, UBS’ Global Macro Team told clients that the Coalition was likely to win a majority of between 83 and 89 of the 150 House of Representative seats, based on polls.
“For the Senate, the outcome is less clear,” UBS wrote. “Of the 76 seats, only half are contested … A Coalition Senate majority is unlikely, but it’s plausible they win 36 seats and form an effective majority of 39 (for certain policies).
“That would be a positive market surprise, as it allows for easier legislative change.”
Sportsbet says its betting markets remain open so punters can “reinvest in the Coalition should they please”.
Business Insider Emails & Alerts
Site highlights each day to your inbox.