Australian betting business pays out for incorrect outcome

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An Australian wagering company has paid for the wrong result in the country's elections.

Sportsbet handed 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 extensively anticipated a Labor win for the very first time in 6 years.

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

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

As the outcomes came in, Sportsbet took to social media to share the blunder.

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

" We believed we 'd simply give them their money early."

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Bookmakers often pay early if they are particular of the result. In some cases where they ensure the result, they pay to prevent more people putting on bets.

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

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

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

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