Sportsbet’s costly error

An expensive night for Sportsbet, which has had to pay out both Labor and Liberal punters.

Australian Prime Minister Scott Morrison proved very costly for Sportsbet this evening. Picture: AAP

It has been an expensive federal election night for betting agency Sportsbet, which has had to pay out both Labor and Liberal punters.

On Thursday, the agency opted to pay out all bets on Labor, in a strong signal the race was already over.

Over $1.3 million was paid out to those who threw money behind Labor and its leader Bill Shorten, with someone walking away with a $128,000 win.

EARLY PAYOUT! LABOR WIN...
We’ve paid out early on Labor to win the Federal Election. #ausvotes19 pic.twitter.com/2hdpV8SPDl

— Sportsbet.com.au (@sportsbetcomau) May 15, 2019

But tonight the Coalition clinched the victory, in a move few saw coming.

We've just paid out on a Coalition win after doing an Early Payout on Labor!
The Democracy sausages are on us Punters! 😬#Ausvotes#Ausvotes2019 pic.twitter.com/ItJQj3n3vP

— Sportsbet.com.au (@sportsbetcomau) May 18, 2019

As the votes came in and the result became more clear, so too did Sportsbet’s terrible financial decision.

The betting agency didn’t shy away from the awkward situation though, instead taking to social media to poke fun at itself.

Yep, we blew $1.3million
Could have been $80million though eh Clive?#ausvotes #Ausvotes2019 pic.twitter.com/R8kG9GqK5q

— Sportsbet.com.au (@sportsbetcomau) May 18, 2019

This didn’t age well...#ausvotes https://t.co/QHSot5rmbe

— Sportsbet.com.au (@sportsbetcomau) May 18, 2019

No word from the unlucky punter who put $850,000 on Labor winning. Ouch.

BIG BET! A punter has just bet $850,000 on Labor at $1.10 to win the Federal Election #ausvotes19 #auspol

— Sportsbet.com.au (@sportsbetcomau) May 18, 2019