Billionaire businessman Clive Palmer is set to make millions of dollars of profit out of the Queensland state election, despite already ploughing millions into funding his United Australia Party campaign pitch for Saturday’s poll.
“Brilliant. Simply brilliant,” is how a source at Palmer’s Minerology described his boss to The Bug, on condition of anonymity. “The guy’s a strategic genius.”
The Bug can now reveal that early this morning, Palmer (pictured at top) placed bets totalling $6 million with online bookies for an LNP win at exceptionally lucrative odds that he himself has “brilliantly manipulated”.
With odds of $3.75 from both Sportsbet and Ladbrokes, Palmer stands to win almost $17 million should the LNP’s Deb Frecklington become Premier after the election.
The Mineraology source explained Palmer’s tactics.
“This election has been boring as batshit and Mr Palmer a few weeks back heard that the volume of bets on the state poll was really quite piddling.
“So what he’s done has been to place moderately sizeable amounts – a drop in the ocean to him, really – on Labor every other day through untraceable third parties until the bookies shortened Labor’s odds to around $1.25 and blew out the LNP to the $3.75 on offer this morning.
“Now that’s fantastic odds in a two-horse trace and it’s why Mr Palmer has now struck.
“The other thing he has going for him is that he knows from daily research that his multi-million-dollar ad campaign against Labor’s deplorable and disgusting 20 per cent death tax is really starting to bite in the electorate.
“So the windfall he now expects from those bets will way outstrip the money he waged on Labor and the $10 to $12 million he’s ploughed into advertising by the UAP, which he owns anyway.
“What other word can you use to describe that except ‘genius’,” the Minerology source said.