Record $673,000 election bet placed

Bookmaker Sportsbet said it had received a A$750,000 ($673,000) bet on the opposition Liberal/National coalition to win next month’s federal election, which it called the largest political bet in Australian history. The bookmaker said it had begun paying out bets this week after declaring the election over given the long odds the government faced. The agency priced the opposition’s chances at A$1.03 on a A$1 bet and the ruling Labor Party at A$11.50.