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Australian bookmaker pays out $17 million on Biden victory ahead of official result

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An Australian bookmaker said on Thursday it has paid out A$23 million ($16.5 million) to people that had bet on Joe Biden becoming the next U.S. president though the official result is still to be determined.

Former Vice President Biden has said he is headed to victory, though President Donald Trump has claimed that he has won and is pursuing lawsuits and a recount.

A patron watches the US election day live results during a US election watch party at PJ O’Reilly’s Bar in Canberra, Australia. EPA-EFE/LUKAS COCH

Still, Sportsbet said it has paid out on more than 100,000 bets laid on a Biden victory.

“We have supreme confidence that Biden will end up in the Oval Office,” a spokesman for the Australian bookmaker said.

($1 = 1.3961 Australian dollars)

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