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Punters dropping big bucks on Coalition win after Labor’s horror week

The Coalition is now the favourite to win the upcoming election after Labor leader Anthony Albanese suffered a week which campaign insiders have reportedly called a “write-off”.

The Coalition is now the favourite to win the upcoming election with gambling house SportBet after Labor leader Anthony Albanese suffered a week which campaign insiders have reportedly called a “write-off”.

According to Sportsbet, since the start of the campaign bets on Scott Morrison’s re-election have come in from $3.05 to favourites on $1.85, with some customers already laying down as much as $10,000 or $20,000 on the outcome.

Meanwile, Labor started as favourites on $1.50 and have now stretched out to $1.90.

“The bigger punters don’t usually come in until closer to the date,” said a spokesman for Sportsbet, who also noted that a voter drift away from Labor in one major poll published overnight Sunday caused a further surge of interest in the Coalition.

Some 77 per cent of money now being put down on next month’s federal election is coming in for a Coalition win, the spokesman said.

Scott Morrison visits Austral Ships in the seat of Fremantle, WA today. Photo: James Brickwood
Scott Morrison visits Austral Ships in the seat of Fremantle, WA today. Photo: James Brickwood

Punters have also begun to put money on the possibility of a hung parliament, with odds coming in from $3.75 to $2.50.

However in what should be consoling news for Labor supporters, polls don’t always get it right.

Labor leader Anthony Albanese at Bluesfest in Byron Bay, on day 6 of the federal election campaign. Picture: Toby Zerna
Labor leader Anthony Albanese at Bluesfest in Byron Bay, on day 6 of the federal election campaign. Picture: Toby Zerna

In 2019, odds of a Labor victory had come in to as short as $1.13 before the betting agency paid out two days early on a Shorten win, only to have Scott Morrison stage a miracle comeback.

In 2016, a late surge of money for the Coalition – which would retain a one-seat majority in the House of Representatives after a long and lacklustre campaign led by Malcolm Turnbull – brought the odds of re-election in to just $1.07.

Shortly before polling day one customer dropped $250,000 on the Coalition to win at $1.12, with the now-defunct Luxbet agency, believed to be one of the largest bets ever made on an election.

Read related topics:Anthony AlbaneseScott Morrison

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Original URL: https://www.dailytelegraph.com.au/news/national/federal-election/punters-dropping-big-bucks-on-coalition-win-after-labors-horror-week/news-story/c6410fdad90629bfe7ab1a40e9c40147