30 Aug 2013

Betting agency declares Coalition winner of Australian election

8:27 am on 30 August 2013

The Australian election race is over, according to a betting agency there. Sportsbet paid $A1.5 million on Thursday to punters who had bet on a Coalition victory - despite voting not taking place until 7 September.

''As far as Sportsbet's betting markets are concerned, the Abbotts can start packing their belongings ahead of their imminent move to Kirribilli House," agency spokesman Haydn Lane said.

"The coalition are now into Black Caviar-like odds to win the election."

AAP reports the agency priced the coalition at $A1.03 with Labor at $A11.50.

Betting markets have been a good predictor of election results. In 2010, 147 favourites out of 150 in Sportsbet electorate markets went on to win the seat.

"More fool them," said Opposition Leader Tony Abbott, who was a media adviser to Liberal leader John Hewson who lost the 1993 election.

"I once worked for an opposition that was careering towards the inevitable victory - and it didn't happen," Mr Abbott said in Sydney.

"1993 is proof that there is no such thing as an unlosable election and I think this election is very, very tight."

Voting is compulsory in Australia.