If you think Scott Morrison is happy after Saturday's stunning election victory, consider the lucky punters who walked away with a total of $1.3 million despite backing the wrong team.

Sportsbet was so confident in Labor's chances, as were many pundits, punters and pollsters, it paid out all early bets on Bill Shorten's team two days before Australians went to the polls.

The call cost Sportsbet $1.3 million, not to mention the payouts to those who went against the grain and backed the Coalition.

Sportsbet paid out early on a Labor election victory AAP

The punter who placed $1 million with Labor to win with Ladbrokes was not so lucky, though. The anonymous NSW man stood to win $230,000, but instead will now be wishing he gambled with Sportsbet. It was the largest bet in Ladbrokes' history.

A Sportsbet statement on Thursday declared punters considered the federal election "run and won, backing Labor into Winx-like odds of $1.16".

"Punters rarely get it wrong on elections," Sportsbet’s Richard Hummerston said at the time.

"Seven of every 10 bets on the election are on Labor. They’re supremely confident we will be paying out on Saturday, so we have decided to pay them early."

Sportsbet’s markets suggested Labor would win 82 seats and the Coalition 63.

Sportsbet was poking fun at itself on Twitter late on Saturday night.

"Yep, we blew $1.3 million. Could have been $80 million though eh Clive?" This was a reference to United Australia Party leader Clive Palmer's disappointing showing in his bid for the Senate, despite his pre-election advertising blitz.

Others on Twitter pointed out the marketing value of the bungled decision.