THE money was right. Champion basketballer Lauren Jackson capped her remarkable career by being given the honor of carrying the Australian flag at the Olympic opening ceremony.

Jackson, 31, competing at her fourth Olympics, was given the honor at a special function at the Westfield Complex at Stratford in the Olympic Village.

The daughter of two national basketballers who first played for the Opals at 16, Jackson has played in leagues all around the world and been a star for Australia for over a decade.

Jackson was the subject of a substantial late betting plunge from punters who had obviously been tipped off.

She opened at $31 in the market - a generous quote given her claims and the push for a woman - and was $4.50 a day out from the announcement.

But on match morning she was backed into $1.50 with Sportsbet before they stopped betting.



"There has been a lot of talk but this is amazing,"Jackson said who received a thunderous ovation when the decision was announced.

"When Nick Green asked me I thought "why?" It is a great honor. But there are a lot of people I have grown up with who I have played with and this is for you. It is my brother's 30th birthday tomorrow so this will be a present for him."

Jackson was a standout performer in the three Olympic silver medals Australia won at the last three Games.

Jackson's appointment was generally popular given her long standing excellence and impressive conduct record.

She has been a seven-time All Star in the world's best basketball league in the United States.

Prime Minister Julia Gillard said she was proud to see Lauren Jackson selected to bear the flag and take Australia in to the long-awaited opening ceremony.

"She's a great leader and she's going to be a great leader of the team as it proudly marches in wearing its green and gold and getting ready for the Games to come," she said.

"Australians love sport. We love the Olympics.

"Our athletes are made of great stuff and I know that they're going to do us absolutely proud."

Green said Jackson was the perfect candidate for the prestigious honour.

“To me, Lauren is an unassuming athlete with wonderful leadership qualities on and off the court,” Green said.

She has all the qualities I admire in a leader and that is the person our Team needs as a captain here in London. She is admired by her teammates and respected by her opponents.

“I have watched her play for many years. She has a never say die attitude, a trait that I admire very much,” Green said

Originally published as Lauren Jackson to fly our flag