PRIME Minister Kevin Rudd has been installed as the $1.50 favourite by online bookmaker sportsbet.com.au for the first TV debate.
But his party has already begun drifting in betting to win the election as punters jump on the short-priced Coalition.
Opposition Leader Tony Abbott has been opened as the $2.50 for the first debate, but since yesterday's election date announcement, the Coalition have been quickly backed from $1.30 into $1.24 to win the election, with Labor drifting from $3.50 out to $4.00.
"85 percent of all money wagered on who'll win the election with sportsbet.com.au since the election date was called has been on the Coalition," sportsbet.com.au's Ben Hawes said.
"Included in the bets, was one of $10,000 at $1.27 on Tony Abbott's team to win."
Key to the hopes of both parties is the respective battles for Western Sydney and Queensland.
Sportsbet.com.au is taking wagers on how many seats the Coalition will win from Labor in Western Sydney and how many seats Labor will take from the Coalition in Rudd's home state.
The Coalition winning two seats from Labor in Western Sydney is the favoured outcome at $3.00, followed by one ($3.50), three, zero (both $4.00) and four ($5.00), while in the Sunshine State Labor winning four seats from the Coalition is the favoured result at $3.50, just ahead of three ($4.00) and five ($5.00).
Sportsbet.com.au has 200 markets open on the federal election.
Markets courtesy of sportsbet.com.au
2013 Federal Election winner
$1.24 Coalition (in from $1.30)
$4.00 Labor (out from $3.50)
Press Club Debate Winner
$1.50 Kevin Rudd
$2.50 Tony Abbott
How many seats will the Coalition win from Labor in Western Sydney?
**Applies to Coalition winning current seats held by Labor of Banks, Barton, Blaxland, Chifley, Fowler, Greenway, Lindsay, McMahon, Parramatta, Watson, Werriwa.
How many seats will Labor win from the Coalition in QLD?
$10 None or more
**Applies to seats currently held by LNP members (MP for Fisher, Peter Slipper is an IND).
Update your news preferences and get the latest news delivered to your inbox.