A betting agency has declared the federal election over, paying out $1.5 million in bets on the coalition.

Online bookmaker sportsbet.com.au on Thursday declared the election a one-horse race.

"As far as Sportsbet's betting markets are concerned, the Abbotts can start packing up their belongings ahead of their imminent move to Kirribilli House," agency spokesman Haydn Lane said.

"The coalition are now into Black Caviar-like odds to win the election."

The agency priced the coalition at $1.03 with Labor at $11.50.

Betting markets have been a good predictor of election results.

In 2010, 147 favourites out of 150 in Sportsbet electorate markets went on to win the seat.

Prime Minister Kevin Rudd said that since the Melbourne Cup began in the 1860s, the race favourite had only won about 35 times.

He said former Liberal leader John Hewson led in the polls in 1993 and was regarded as a "shoo-in", but lost the election.

"That is Mr Abbott's attitude today - because he believes he has the election in the bag he believes he can get away with not being truthful with the Australian people," Mr Rudd said.

Opposition Leader Tony Abbott said of the bookmakers: "More fool them."

Mr Abbott was media adviser to John Hewson when the Liberal leader lost the 1993 election.

"I once worked for an opposition that was careering towards the inevitable victory - and it didn't happen," Mr Abbott told reporters in Sydney on Thursday.

"1993 is proof that there is no such thing as an unlosable election and I think this election is very, very tight."

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