Australian Betting Company Pays out For Wrong Result

Australian betting company pays for wrong outcome

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

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

Polls had extensively forecasted a Labor win for the very first time in six years.

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

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

As the results can be found in, Sportsbet required to social networks to share the mistake.

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

" We believed we 'd merely give them their cash early."

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

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

Paddy Power, an Irish bookie, 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 wager on Clinton and $4.5 m to those who bank on Donald Trump.