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Australia’s bookies have Labor as a clear favourite to win tomorrow night’s election, with odds for a Coalition return to government widening by the hour.

All major bookmakers in the country are currently favouring Labor leader Anthony Albanese to become the nation’s next prime minister, with late money flowing for a change of government.

At the time of publishing, the TAB was offering $1.50 for Labor to be the party that provides the PM and $2.65 for the Coalition to do the same.

The Labor Party are firming as favourites to produce the next PM as more money flows for Anthony Albanese. (Rhett Wyman, Alex Ellinghausen)

Those odds were largely mirrored across the sector, including Sportsbet (Labor $1.48, Coalition $2.80), Ladbrokes (Labor $1.51, Coalition $2.85) and Neds (Labor $1.51, Coalition $2.85).

A punt on “any other party” to win the election is current fetching upwards of around $128.

A broad offer of $2.80 for a Coalition win has widened since the start of the campaign – when, following Albanese’s infamous employment figure gaffe, some bookies were temporarily offering under $2 for a Coalition win.

However, as the campaign dragged on Labor once again firmed as favourites with odds offered on both parties more or less settling into the same markets in which they began.

Many Australians look to bookmakers for election predictions free from agenda or spin – but gambling companies aren’t always right.

In 2019 Sportsbet infamously paid out early on Labor leader Bill Shorten winning the election, who they were offering at odds as short as $1.16 to win.

Bill Shorten concedes defeat at the 2019 Federal election on stage with his wife Chloe during the federal Labor reception. (AAP)

The bookmaker paid out around $1.3 million early. As history tells us, 2019 was the year that Scott Morrison claimed what many were calling “the unwinnable election”.

In order to pay out punters who had backed Morrison to win, the entire decision to pay out early on Shorten was estimated to have cost Sportsbet around $5.2 million. 

The extensive media coverage no doubt reaped money-can’t-buy publicity.

When politicians facing the public gets ugly

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