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Official results had not yet been released but an exit poll and a quick count showed Morales, a former coca grower, trouncing his opponents with about 60 percent of the vote and easily winning a third term in power.

Morales, who became Bolivia's first indigenous leader in 2006, will now be able to extend his "indigenous socialism", under which he has nationalized key industries such as oil and gas to finance welfare programs and build new roads and schools.

"This was a debate on two models: nationalization or privatization. Nationalization won with more than 60 percent (support)," Morales told thousands of cheering supporters from the balcony of the presidential palace.

A prominent member of the bloc of socialist and anti-U.S. leaders in Latin America, Morales dedicated his victory to Cuba's former communist leader Fidel Castro.

"This win is a triumph for anti-imperialists and anti-colonialists," Morales said.

His folksy appeal and prudent spending of funds from a natural gas bonanza to finance welfare programs, roads and schools have earned the 54-year-old wide support in a country long dogged by political instability.

Fireworks exploded over the palace - dubbed the "Burned Palace" in reference to Bolivia's history of coups - as Morales loyalists chanted "Evo, Evo".

A Mori exit poll released by Unitel television showed Morales winning 61 percent of the vote. His closest rival, businessman Samuel Doria Medina, had 24 percent.

A quick count released by local TV channel ATB showed Morales with 60.5 percent of the vote.

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Bolivia's Morales declares a triumph for socialism