With the election still too close to call, Nine News Political Editor Laurie Oakes ensured at least someone won something tonight.

The veteran political reporter wore six different coloured neckties during Channel 9’s live election coverage after Sportsbet ran a book on what colour he would wear.

Fifty-seven punters are collectively $3,010 richer thanks to Oakes' slick manoeuvre, with the bookie admitting they had been "gamed by the best in the business".

Oakes chose a red tie for the start of the election coverage. (9NEWS)

He then switched to a green number. (9NEWS)

"When Oakes appeared in a red tie, the $2.00 favourite, the team at Sportsbet were patting themselves on the back thinking they’d got it right.

"Five tie changes later and they realised they had been gamed by the best in the business.

"Sportsbet decided to tip its hat to the Oakes and has paid out on all the Laurie Oakes tie bets, handing 57 punters a total of $3,010," Sportsbet said.

Oakes' sartorial switch-ups left many social media users scratching their heads, with the issue quickly becoming a trending topic.

Finally shedding light on "tie gate", the political commentator told co-host Karl Stefanovic he was acting as the "punters' friend".

"All I can tell you is that I am the punters' friend. Sportsbet ran a book on what colour tie I'd wear tonight, and the six choices were gold, red, blue, black, green and any other colour," Oakes said.

Former treasurer Peter Costello and Oakes. (9NEWS)

Oakes also threw a striped tie into the mix. (9NEWS)

"Malcolm Turnbull might not be a winner tonight and Bill Shorten might not be a winner but there are a lot of winners here and I am very pleased about that."

Oakes donned a red, green, gold, striped, black and patterned tie during tonight's election coverage.