Australian wagering company pays out for incorrect result

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

Sportsbet distributed 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 the majority of the votes counted, Prime Minister Scott Morrison, a conservative, is projected to win a shock majority.

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

As the outcomes came in, Sportsbet took to social networks to share the oversight.

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Sportsbet representative Richard Hummerston informed the Sydney Morning Herald paper: "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 simply provide them their cash early."

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Bookmakers often pay early if they are particular of the outcome. In some cases where they are sure of the result, they pay out to prevent more individuals placing on bets.

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

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

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

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