Sydney, April 30, 2025 — Prime Minister Anthony Albanese has emerged as the firm favourite to retain power in the upcoming federal election, according to a major shift in betting markets overnight. Bookmakers such as Sportsbet and TAB have dramatically shortened the odds for a Labor victory, signalling growing public confidence in Albanese's leadership.
As of Wednesday morning, Labor is now paying around $1.10 to win the election, compared to the Coalition’s distant $7.00 — one of the largest gaps seen in this election cycle. The shift comes despite polling data showing a close race between the two major parties in terms of primary vote.
Recent Newspoll results indicate the Coalition is leading marginally with 35% of the primary vote, while Labor sits at 34%. However, Albanese continues to lead Peter Dutton decisively in the preferred prime minister stakes, with 51% of voters backing him compared to just 35% for Dutton.
Analysts attribute the betting swing to several key factors. Labor’s cost-of-living policies, including increased subsidies for electricity bills and expanded bulk-billing under Medicare, have reportedly resonated with middle-income voters. Meanwhile, the Coalition’s focus on tax reform and a controversial nuclear energy push has struggled to gain widespread appeal.
Political commentators caution that while betting odds reflect public sentiment and campaign momentum, they are not definitive predictors of election outcomes. “Markets often respond to perception and media coverage rather than actual voter intentions,” said political analyst Dr. Megan Fielding. “But such a dramatic change this close to the election cannot be ignored.”
With the election set for May 3, both major parties are intensifying efforts to secure undecided voters in marginal seats. Early voting has already commenced, with a record number of Australians expected to cast their ballots ahead of polling day.
As the campaign enters its final stretch, all eyes will be on whether Albanese can convert betting confidence into electoral victory — or if Peter Dutton can stage a last-minute comeback.
