Betting on elections, either State or Federal, is becoming increasingly popular among punters in Australia despite the rarity of such betting events.
TAB Sportsbet can be relied upon to provide the full range of election betting options as well as a wide array of election odds.
The last federal election in Australia, held in August 2010, saw election betting hit new heights, with punters seemingly willing to have a crack on the novelty betting option. One of the reasons for this was the closeness of the election, with Julia Gillard's Labor party forming a coalition with the Greens and independent MPs to edge out Tony Abbott's Liberal party.
It is important to remember that when betting on elections and looking for election odds and markets, that Australia at both a Federal and State level is defined by a two-party system, with the Labor and Liberal parties dominating the political landscape. As with any two-horse race, election betting odds and prices won't be spectacular, however, there are a number of other options available for punters to have a bet on.
Naturally, the odds on election betting can change frequently, especially in the days leading up to an election as the media drum out hoards of information on the parties. Nevertheless, TAB Sportsbet can offer some of the most competitive election odds on the market.
Election odds - a guide
Reading election odds
Election odds read like any other sporting odds. For example, at one point in the lead-up to the 2010 federal election, TAB Sportsbet offered election odds of the incumbent Julia Gillard winning at $1.45, with Tony Abbott's coalition at $2.75 (even though the eventual result proved to be much closer that those odds suggest). A hung parliament had odds of 2.90.
Of course, the simplest bet is a straightforward wager on which party will win the election according to fixed odds such as those above. Other options include betting on the outcome in a particular seat or constituency and the margin of victory in seats.