Australian's have always loved a punt but politics didn't come onto the betting agenda until recent years, the amount of money coming through our election markets suggests a massive shift in the Australian psyche.
"In a country where sport is considered a national religion and politics has traditionally held little appeal, it is a shock to see our election market attract similar interest from punters to major sporting events such as the AFL Grand Final and Soccer World Cup," says Betstar's Alan Eskander.
This year's election has been highly stage managed and our key political figures seem to focus more on their own popularity than policy. Politics has been deliberately ‘dumbed down' to appeal to the Australian public, a factor that could be behind the massive increase in interest from punters.
In the past political parties used to refer to opinion polls to get a handle on how they were tracking, these days odds seem to be the best indicator.
"Betting on past elections has been relatively one sided with punters backing the favourite off the map, this election has been different with punters supporting both parties.
"This year's election market has so much depth that the odds have been a fantastic indicator of what the Australian public are thinking, I suppose you could compare them to the worm, " says Alan Eskander
In the week before Kevin Rudd was ousted as PM, Labor's odds drifted dramatically from $1.30 to $1.44 highlighting the extent the Australian public has lost faith in their leader. Julia Gillard's appointment saw the punters come back to Labor with their odds shortening to $1.28.
When the election was called Labor's odds were $1.30. The punters perception of Labor took a battering when Tony Abbott evoked cheers from his home crowd in West Sydney, seeing Labor drift to $1.60, the highest they have been throughout the campaign.
Julia Gillard's appearance on the ABC's Q&A program was a huge success, after the show the punters came running and backed Labor from $1.60 to $1.33.
"The volatility in this year's election market is unprecedented and there is no doubt we have an exciting week on our hands, we are offering the best price on Labor at the moment and are happy to take them on," concluded Eskander.
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