Australian Betting Company Pays out For Wrong Result

Australian wagering company pays out for wrong result

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An Australian wagering business has paid out for the incorrect outcome in the country's elections.

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

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

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

The betting company told its fans that it has now likewise paid out money to those who anticipated that Scott Morrison's Liberal-National would win.

As the outcomes can be found in, Sportsbet required to social media to share the mistake.

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

" We believed we 'd merely provide 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 outcome, they pay to avoid more individuals putting on bets.

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

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

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