Labor firms with news of Julia Gillard as first woman PM

Sportingbet Australia CEO Michael Sullivan reported a series of big bets on Labor at $1.70 shortly after Gillard’s intention to challenge became public.

“We took one bet of $10,000 and three of $5000 as Labor shortened from $1.70 to $1.55 late last night,” Sullivan said.

“We shortened Labor up further to $1.50 this morning following the confirmation that Gillard would lead them to the election.

“There is no doubt Kevin Rudd was on the nose with the electorate and Gillard has the chance to improve Labor’s standing in the polls almost immediately.”

Sullivan said Labor had been as short as $1.15 for the election in November last year but had blown out dramatically as Rudd’s popularity dwindled.

“We hadn’t seen any money at all for Labor in the past couple of months and it was only when punters realised that Gillard would be leader that the money rolled in,” Sullivan said.

“I wouldn’t be surprised to see Labor shorten up even further particularly if Gillard enjoys a similar honeymoon period to Rudd or Tony Abbott.”

Australian Federal Election
Sportingbet Australia market
Labor 1.50
Coalition 2.50