Australian Betting Company Pays out For Wrong Result

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Australian wagering company pays out for incorrect result

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An Australian betting business has actually paid out for the incorrect lead to the country's elections.

Sportsbet distributed 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 extensively anticipated a Labor win for the first time in six years.

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

The wagering business informed its followers that it has actually now also paid cash to those who forecasted that Scott Morrison's Liberal-National would win.

As the yohaig code results can be found in, Sportsbet took to social media to share the blunder.

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Sportsbet spokesman Richard Hummerston informed the Sydney Morning Herald newspaper: "Seventy percent of the cash staked before the early payment had actually come for Labor, our punters called the election early.

" We thought we 'd just provide them their money early."

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Bookmakers frequently pay early if they are specific of the outcome. Sometimes where they are sure of the result, they pay to prevent more people placing on bets.

It's not the very first time a bookie has paid early.

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

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