Bookmakers react to Labor Government’s week of turmoil

Bookmakers have reacted to a week of turmoil in Northern Territory politics. Read what the odds are showing for the 2024 election.

Bookmaker Sportsbet has revised its NT election odds following a week of political turmoil that has torn apart the Territory Labor government.

Australia’s largest betting agency has revised down the odds of a CLP win at next August’s Territory election.

Until Tuesday, Labor was a solid $1.20 with Sportsbet to win next year’s Territory election, with the CLP at a longshot $4 and other parties at $41.

But on Wednesday after the resignation of Chief Minister Natasha Fyles for failing to disclose shareholdings in resource companies, the popular online bookie raised Labor’s odds to $1.65 and shaved the CLP back to a competitive $2.25. Other parties are paying $41.

The odds are reflected by Sportsbet’s rival Ladbrokes that has Labor $1.75 to be the next sworn government and the CLP at $2.05.

Both odds were set before Treasurer Eva Lawler emerged as a shock replacement for Ms Fyles as Chief Minister after Mining Minister Nicole Manison withdrew her nomination to lead the Labor Party and opted instead for the backbench.

The resignation of Labor’s two senior leaders has considerably reduced the corporate knowledge of the seven-year Labor government.

In 2019, Sportsbet paid out about $5m to punters after it decided to pay out early on Bill Shorten winning the May federal election.

Labor entered the election at $1.16 favourites to win but Scott Morrison turned the tables and won in an upset.

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