One of Australia’s richest men – and arguably Queensland’s most astute businessman ever – is set to make a killing on the outcome of the 25 March NSW state election.

Clive Palmer struck early this morning, using underlings to hit simultaneously the major online bookie outlets, outlaying millions of dollars to take advantage of absurdly large odds being offered for the return of the LNP government of Premier Dominic Perrottet.

The Bug understands from a trusted source within Palmer’s Minerology and Waratah Mining mega-companies that Palmer’s bets, totalling close to $30 million, will give him a net return slightly more than the $116 million Palmer spent promoting his United Australia Party at the May election last year.

“Isn’t the old bastard brilliant,” the source said.

“Of course Perrottet now has to win but Clive’s got enormous faith in his political nous and his ability to predict swings in the public’s mood and subsequent election outcomes.”

The online betting firms that Palmer’s people struck mercilessly this morning were Sportsbet, Bet365, Ladbrokes, TAB and PointsBet who all had an LNP win at an average of 5.35 to one. Labor was at very unattractive odds of between $1.10 and $1.18.

Interesting, those companies’ odds for an LNP victory have not plummeted since Palmer struck.

An expert in the methodologies uses by such firms to frame such markets, Professor Al Gorithm from the advanced mathematics department at the Royal Melbourne Institute of Technology told The Bug: “I suspect these agencies know their money is safe.”