Paddy Power pays out on Fine Gael/Labour coalition

Bookmaker Paddy Power has paid out over €25,000 on a Fine Gael / Labour coalition forming the next government.

"The odds on the coalition tumbled into a practically unbackable 1/33 driven by significant betting after exit poll results were revealed this morning," the bookies said.

A FG/Lab coalition has been the bookies favourite since 2008 however the odds drifted over the past 10 days from 1/10 from 1/2 as speculation mounted around a possible Fine Gael majority government.

The early payout also signals the end of a long wait for one very patient punter who placed a €1,000 bet on a FG/Labour coalition at odds of 2/1 in December 2007.