Dollar Bill: Betting Agency Pays Labor Win BEFORE The Election

It's all over bar the voting. Labor has won.

Or at least, that's the view of one sports betting agency, which has taken the bold move of paying out bets on Labor winning the 2019 Australian Federal Election -- two days before the actual poll.

Sportsbet claims it has paid out in excess of one million dollars to punters who backed Labor before 9 pm Wednesday night, and that the money is already in their accounts.

This does not mean Sportsbet has actually lost a million dollars. Far from it.

Labor are currently at very short odds of $1.16 with most betting agencies. That means punters get just $16 in profit for every $100 they invest.

When an agency says it has "paid out" a million, that includes both the original stake and the winnings. So they've likely paid out something closer to one hundred thousand dollars.

All the same, it's an interesting move paying it so early. But does it mean that Labor is over the line?

No Bill, you can't assume office yet, regardless of what the bookies say.

Not according to Gerard Daffy from the TAB, no.

Daffy was the first man to offer election betting in Australia, way back in the 1990s. He's seen it all, including the time that Victorian Premier Jeff Kennett lost a state election despite being incredibly short odds of $1.03.

“I think this election is a bit closer than some are suggesting,” Daffy told 10 daily.

READ MORE: Forget The Polls, Here's Who The Bookies Say Will Win The Election

"The form line points towards a Labor win, and in the last six elections, six favourites were heavily backed and all won.

"But there's enough support around for the Coalition in key seats to suggest it’s a lot closer than what people think."

Daffy said the TAB had taken several large bets on Labor in recent days, including a bet of $20,000 and a bet of $54,000.

But there has also been a bet of $10,000 on the Coalition at $5, meaning the winning punter stands to collect $50,000 if the government unexpectedly holds onto power.

10 daily will be live streaming 10's #YourVote Election coverage from 3pm Saturday, May 18. You can also watch on 10 or 10 play.