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Australian wagering company pays for wrong result

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An Australian wagering business has paid for the wrong result in the country's elections.

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

Polls had actually extensively predicted a Labor win for the first time in 6 years.

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

The wagering business told its fans that it has now also paid money to those who anticipated that Scott Morrison's Liberal-National would win.
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As the results can be found in, Sportsbet required to social media to share the mistake.

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Sportsbet spokesperson Richard Hummerston informed the Sydney Morning Herald newspaper: "Seventy percent of the yohaig code money staked before the early payment had come for Labor, our punters called the yohaig code election early.
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" We believed we 'd merely give them their cash early."

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Bookmakers typically pay early if they are specific of the result. In some cases where they are sure of the outcome, they pay out to avoid more people putting on bets.

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

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

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

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Published

19 May 2019