Online bookmaker Ladbrokes Australia has today taken a $1,000,000 bet on Labor winning next Saturday’s Federal Election; the biggest single wager in its history.

The male punter from NSW, who has only placed two bets previously with Ladbrokes, called through his wager on Wednesday afternoon at odds of $1.23.

“We’ve obviously seen some sizable bets come through in recent times, many of them on Winx, but clearly this gentleman thinks the Labor Party is a safer bet than the now retired mighty mare,”Ladbrokes Australia Chief Executive, Jason Scott said.

The punter will profit $230,000 should Bill Shorten lead the next sworn-in government, a bet which looks a lot smarter than the $800 another Ladbrokes client placed on the United Australia Party on Monday at odds of 300-1.

The previous biggest political bet struck with LadbrokesAustralia (which entered the local market in 2013) was $250,000 on the Coalition to win the last Federal Election.

The biggest bets on the 2019 election, prior to today’s million dollar wager,were $15,000 on the Coalition at $4 on April 23 and $10,000 at $1.53 on Labor back in August last year.