The man annointed to become the new NSW Premier, Toongabbie MP Nathan Rees, was a $51.00 chance to lead Labor to the polls in 2011 when Lasseters Sportsbook opened betting on the leadership in February this year.
"It's an amazing turn of events that has seen a bloke who's been in the game less than 18 months become Premier in the largest State in the country," says Lasseters' Gerard Daffy.
"However, NSW remains in a state of disarray and Nathan Rees and Carmel Tebbutt have got a hell of a job to do if Labor is to stay in power in 2011."
Lasseters Sportsbook has slashed its odds on the Barry O'Farrell-led Coalition to win the 2011 NSW election following today's resignation by Premier Morris Iemma.
The Coalition's odds have been cut from $1.80 to $1.60, while the Labor Party's price has blown out massively from $2.00 to $2.30.
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