In an Australian racing first, leading online bookmaker [sportsbet] has declared the 2010 Cox Plate a one horse race and has paid out all bets totaling more than $250,000 on the Bart Cummings-trained So You Think.

The unprecedented move sees punters collect their winnings an incredible five days before the world’s greatest Weight-for-Age race is run.

“So You Think is clearly our worst result in the Cox Plate, but we think the race is a foregone conclusion and as such we’re happy for our members to enjoy their winnings early,” said [sportsbet]’s Chief Executive Matthew Tripp.

“As a bookmaker I know there is no such thing as a sure thing in racing, but this horse is about as close as you get.

“He has been so dominant this spring and we think the Cox Plate is at his mercy.

“A week is a long time in racing and anything can happen but our members who backed the horse can relax knowing they’ve already been paid.”

In August one punter had $7000 at $11 on So You Think, meaning he has collected $77,000 before even the barrier draw has taken place.

Unbeaten in three runs this campaign; So You Think is now into just $1.50 for the Cox Plate.

“As with all [sportsbet] early payouts and refunds, there is no requirement for punters to reinvest their winnings, it’s their money and they can do as they please with it,” said Tripp.

“The bottom line is, why risk betting anywhere else when [sportsbet] regularly pays out early on big events?”

[sportsbet] is generating a reputation for paying out early on big sporting competitions. In November last year, the bookie paid out early on Tiger Woods to win the Australian Masters after two rounds when he was three strokes ahead. Woods faltered in the third round to share the lead with two others, before he shot clear on the final day to win the tournament.

However, the bookmaker does not always get it right. Earlier this year, [sportsbet] paid out more than $150,000 in bets on Richmond for the AFL Wooden Spoon after just four rounds. A mid-season revival saw the Tigers finish two wins clear of West Coast at the bottom of the ladder.

The payout applies to all single wagers placed on So You Think at [sportsbet] before 10.30am AEDT on Monday, 18 October 2010.