This betting agency blew $1.3m on Labor win early payouts

Exit polls had the company so confident of a Labor win that they paid out all the bets on Thursday.

As much as Bill Shorten and Labor would be feeling the sting from last night’s surprise Coalition victory, betting agency Sportsbet would be feeling it a little more.

So confident was the company that Labor would bring home a win in the federal election, that they paid out $1.3 million worth of bets three days before a vote had been counted.

“Our punters have spoken through their bets! 7 of every 10 bets on the election are on Labor,” the company said in a statement on Thursday.

“They’re supremely confident we will be paying out on Saturday so we have decided to pay them early.”

Punters rarely get it wrong on elections

The statement confirmed that one punter walked away with $128,000 early pay out.

It was around 9pm last night that they started to realise the mistake that they had made.

Then they tried to cover up their pain with jokes.

And finally, reflected on the choice they had made.

 Earlier in the month, an anonymous New South Wales man placed a $1 million bet on Labor to win federal election.

At the time, Labor’s odds were sitting at $1.23 on the site - which would have paid out $230,000 to the man.

It was the largest bet ever placed in the agency’s history.

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