Punter bets $50,000 on Labour winning NZ election

9 August 2005

Punter bets $50,000 on Labour winning NZ election

A Centrebet punter today bet $50,000 on Labour winning next month's New Zealand election.

Centrebet reacted by cutting its exclusive odds on Labour retaining power from 1.61 to 1.53.

The Centrebet punter will make a profit of $30,500 if Labour provides the next prime minister.

"I'd be very happy if I was Helen Clark and very concerned if I was Don Brash as election punters don't bet so big so early unless their fancy is miles in front," says Centrebet's Gerard Daffy.

Centrebet specialises in election betting and there is evidence to support its claim that its odds are more accurate than polls. Stanford University's Justin Wolfers and Andrew Leigh, of Harvard, found that Centrebet's odds on the 2001 Australian Federal Election not only forecast the overall result correctly but also provided precise estimates of outcomes in more than 40 electorates.

Wolfers (http://bpp.wharton.upenn.edu/jwolfers) and Leigh ( http://andrewleigh.com) also praised the accuracy of Centrebet's betting odds on last year's Australian Federal Election.

Prime minister 1.53 Labour 2.37 National 501.00 bar

Log on to http://www.centrebet.com to view its latest odds.

ENDS

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