Punters put big money on Gillard

The odds of Julia Gillard remaining prime minister after Monday's Labor leadership ballot have shrunk to just $1.15, Sportingbet Australia says.

Ms Gillard's odds tightened from $1.28 during Thursday morning as punters piled in with some huge bets on the prime minister after she called for a ballot that she expects Kevin Rudd to contest after he resigned as foreign minister.

"We have taken bets of $9000, $3500, $2000 and $1000 on Ms Gillard in the last hour alone," Sportingbet Australia CEO Michael Sullivan said in a statement.

"The biggest bet on Mr Rudd in that time has been just $50, which shows just how one-sided the betting has been."

Mr Rudd's odds sit at $5, and Mr Sullivan expects they will only lengthen.

Mr Sullivan said in the past 24 hours there had also been "good money" on the coalition to win the next election, with the odds shortening from $1.36 to $1.30, and plenty of big bets coming for Opposition Leader Tony Abbott to be the next prime minister.

"The leadership debate is certainly not doing Labor any favours," he said.

AAP