Punter puts $850,000 on Labor win

As millions of voters around the country were putting their mark on their ballot papers, one punter put $850,000 on Labor to win the 2019 election.

Sportsbet.com.au says the trend over the past 48 hours has been to back Bill Shorten and Labor to win, with the odds coming into $1.10.

Conversely, the coalition is now out to $7.00 despite Prime Minister Scott Morrison's best efforts to retain power.

"Our punter has waited until the eleventh hour to pull the trigger," sportsbet.com.au's Rich Hummerston said in a statement on the $850,000 wager.

"If the money coming in for Labor is any indication, he'll be a happy man later on tonight."