Misguided payout on election upset leads to A$5.2M deficit for Sportsbet

Aussie operator Sportsbet is looking at AU$5.2m deficit as a result of paying out early and incorrectly on the country’s election results. After the incumbent Liberal/National coalition defied pollsters over the weekend, Sportsbet had to pay out AU$1.3m to bettors who’d backed Labor to win based on the company’s assertion that 70% of its election wagers were on Labor and “punters rarely get it wrong on elections.”
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Sportsbet milks misguided payout on Australian election upset
Bookies unreliable as pollsters?

The Story

Aussie operator Sportsbet is looking at AU$5.2m deficit as a result of paying out early and incorrectly on the country’s election results. After the incumbent Liberal/National coalition defied pollsters over the weekend, Sportsbet had to pay out AU$1.3m to bettors who’d backed Labor to win based on the company’s assertion that 70% of its election wagers were on Labor and “punters rarely get it wrong on elections.”

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