SYDNEY, Australia -- The ALP is rated as a $3.65 chance at Sportingbet Australia, which represents less than a 30% probability of victory. The Coalition is still a clear-cut $1.28 favourite at Sportingbet.

“Punters crunched the ALP’s odds of winning the election into $2.70 following Rudd’s return but Labor’s odds have gradually drifted over the past fortnight,” Sportingbet Australia spokesman Andrew Brown said.

“Money is currently running 60/40 in favour of the Coalition,” Brown said.

The odds are still significantly closer to what they were prior to Rudd’s return to the ALP leadership. As recently as May, the Coalition was at the ‘Black Caviar’ odds of $1.04, while the ALP was as much as $9.60 at Sportingbet.

Sportingbet Australia is offering more than 200 markets on the federal election including odds on each individual seat in the House Of Representatives.

2013 federal election

Sportingbet Australia market

Coalition $1.28

ALP $3.65

More election markets http://www.sportingbet.com.au/#Sports/2062830