Australian Betting Company Pays For Wrong Result

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Australian wagering business pays out for incorrect outcome

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An Australian wagering company has actually paid for the incorrect outcome in the nation's elections.

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

Polls had actually widely forecasted 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 betting company told its fans that it has actually now also paid cash to those who predicted that Scott Morrison's Liberal-National would win.

As the outcomes was available in, Sportsbet took to social networks to share the blunder.

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

" We thought we 'd merely provide their cash early."

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Bookmakers typically pay early if they are certain of the result. Sometimes where they are sure of the result, they pay out to prevent more individuals placing on bets.

It's not the first time a bookmaker has 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 bank on Donald Trump.