A reminder that short priced election favourites can get beaten

Just a reminder that favourites can get beaten.
I did not produce an Owl’s election indicator on the South Australian election because the only markets available were the very fragile ones of the corporate bookmakers. Just how fragile was shown on Saturday morning when they stopped betting after Newspoll in The Australian came out suggesting, accurately as it turned out, that it was going to be a close run thing.
The night before, when I checked, the major firms had the Liberals around $1.02 with Labor at $15. Take out the bookmaker’s margin and the assessment was round about a 94% chance of a Liberal win with Labor on 6%.
The result is still uncertain but anyone who took the $1.02 would be feeling a little uncomfortable at the moment. And the Kouk’s red rover should be sweating a little as well.
2014-03-19_thekouk

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