Australian Betting Company Pays For Wrong Result

Australian betting company pays for incorrect result

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An Australian betting business has paid out for the wrong lead to the nation's elections.

Sportsbet distributed more than A$ 1m (₤ 540,000) to those who believed that the opposition Labor Party would win, 2 days before Saturday's vote.

Polls had actually commonly anticipated a Labor win for the very first time in six years.

But with many of the votes counted, Prime Minister Scott Morrison, a conservative, is forecasted to win a shock bulk.

The wagering company informed its followers that it has now also paid out money to those who anticipated that Scott Morrison's Liberal-National would win.

As the outcomes can be found in, Sportsbet took to social networks to share the blunder.

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Sportsbet spokesperson Richard Hummerston told the Sydney Morning Herald newspaper: "Seventy per cent of the money staked before the early payout had actually come for Labor, our punters called the election early.

" We believed we 'd just give them their money early."

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Bookmakers often pay early if they are certain of the outcome. In many cases where they ensure the outcome, they pay out to avoid more people placing on bets.

It's not the very first time a bookmaker has actually paid out early.

Paddy Power, an Irish bookmaker, paid on a Hillary Clinton win the month before the November 2016 elections.

It stated it paid out $1m (₤ 786,290) early to those who bank on Clinton and $4.5 m to those who wager on Donald Trump.