Latest Election Betting Implies 6 On Cross Benches, But Still Coalition Majority

Last Tuesday night (21/6) I ran a simulation of the looming Federal election using probabilities implied by the individual electorate betting odds on Sportsbet, Luxbet and Crownbet. The odds implied Coalition 79 seats, ALP 66 seats and 5 on the cross benches as the most probable result.

I just ran another, using the betting odds as of this Wed night (29/6).

The most probable seat distribution has changed to 79 - 65 - 6, with an extra cross bench seat for either the Greens or Nick Xenophon. As the odds in some marginal seats have firmed for the favourites, Labor’s chances of forming a majority government have fallen from about 1% to less than 0.25%. The chance of a hung parliament is still high: 25% ± 2.5%.

Nick Xenophon’s odds in the conservative Adelaide electorate of Mayo have significantly shortened, from about $3.00 to $1.50 - $1.60. He has also come in to between $3 and $4 in Barker, Boothby and Grey. All of these are normally conservative electorates, so the swing toward Xenophon must be a concern to the Coalition. The betting now puts Xenophon at a 35% chance of winning multiple lower house seats in SA.

With the Greens shortening from $4 to even money in the north Melbourne seat of Batman, they now have a 50% chance of winning 2 lower house seats. Moreover, Batman borders Adam Bandt’s seat of Melbourne, so a win here would give the Greens the makings of a contiguous heartland in inner city Melbourne.

The perfidious Tony Windsor and Rob Oakeshott are still chances in New England and Cowper (God help us).

Bob Katter, Andrew Wilkie, Cathy McGowan, plus 2 Greens and a Nick Xenophon Team or 1 Green and 2 Nick Xenophon Team ... not an easy cross bench for Malcolm Turnbull to deal with. Wilkie and the Greens will be obstructionist and Katter, McGowan and Xenophon will hold the government to ransom.

There are 14 lower house seats in which 2 candidates are both paying less than $3 on all 3 sites and thus could be considered genuinely close contests: Cowper, Gilmore, Macarthur and Macquarie in NSW, Batman in VIC, Capricornia, Forde and Petrie in QLD, Hindmarsh and Mayo in SA, Burt and Cowan in WA and Braddon and Lyons in TAS. Of these, Macarthur, Batman, Capricornia, Mayo and Cowan are very close.

I will look at the betting odds again this Friday night.