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Australian wagering business pays for incorrect result

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An Australian betting company has actually paid for the to the country's elections.

Sportsbet distributed 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 actually commonly predicted a Labor win for the very first time in 6 years.

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

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

As the results came in, Sportsbet took to social networks to share the mistake.

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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 actually come for Labor, our punters called the yohaig code election early.
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" We thought we 'd simply provide their money early."

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Bookmakers frequently pay out early if they are particular of the outcome. Sometimes where they are sure of the outcome, they pay to avoid more people putting on bets.

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

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

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

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