Irish people have spent close to a million euro so far on election betting according to the estimates of the four main domestic firms.

Market leader, Paddy Power says they have taken in 400,000 so far while Ladbrokes put their estimates at 250,000.

Celtic Bookmakers and Boylesports have also reported betting levels at over 100,000 with most punters opting to bet on the Bertie v Enda battle to become Taoiseach.

"If the voters give Enda the nod we are facing a twenty grand swing, " said Paddy Power, spokesman for the family business.

"We will have to pay out about 100,000 if Enda whereas for Bertie it's around 80,000. Financially speaking we will be hopeful for him but it could all change quickly, " he said.

Ladbrokes are the only large player in the market who will lose if Bertie becomes Taoiseach.

"We went a bit differently to the other bookies in that we backed Enda to win from the very start so if he gets in we will be 10,000 better off, " said their Irish odds compiler, Kevin Egan.

Among the other bets where the bookies are vulnerable are Fine Gael gaining more than 50 seats and Sinn Fein getting more then 11 where payouts are being described as "significant five figure sums".

The bookies will also be praying finance minister, Brian Cowen, doesn't end up as Taoiseach whose odds dropped from 25/1 to 7/2 during the Bertiegate affair leading to a payout of approximately 25, 000 with Boylesports. Their company spokesperson described that potential outcome as "costly".

Former agricultural minister and now bookmaker Ivan Yates described the election as the "equivalent of Cheltenham" for him even though he is unlikely to bring in any profit from it.

"I'm perfectly happy for it to be a loss leader because it pays off in terms of business profile, " he said.

"Because of my background and my contacts I get more media attention than you could ever buy. It's an area I would have an advantage in over my rivals so it is the equivalent of a Cheltenham for me, " he added.

The biggest benefit the election is bringing to the trade is in attracting new customers.

"The bets that are being laid on the election are smaller then they would be for races, generally about 20 or so it would not compare as an event to something like Cheltenham, " said Kevin Egan of Ladbrokes.

"But it is getting people into bookies who might have never gone to one before."