Election odds worth $100 bet

The odds that an Australian betting agency is offering on the election have Labour Party president Mike Williams reaching for his wallet.

Centrebet, based in Alice Springs, favours a Labour minority government after July 27.

It has posted odds of $1.25 return for a $1 bet on Labour winning fewer than the 61 seats it will need to govern alone.

Mr Williams said he was attracted by the $3.20 payout if Labour won 61 or more seats.

Polls over the past week indicate that is now unlikely.

Mr Williams, who describes himself as a once-a-year punter, plans to place $100 on a Labour majority government - but laughed off any hint that it was unpatriotic to send New Zealand dollars to Australia.

"I'm going to get it back."

Centrebet's Gerard Daffy said Labour was expected to cruise to a majority until last week's genetic engineering corn scare.

United States academics who studied betting markets on last year's Australian federal election found bookies correctly forecast the outcome, Mr Daffy said.

"[The pundits] concluded that the Australian press should have published more betting stories and fewer polls."

- NZPA

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