Irish bookmaker pays out early on Obama victory

[codeworks]

DUBLIN (Reuters) - Ireland's biggest bookmaker Paddy Power said Thursday it would pay out early more than 1 million euros (782,776) on bets that Barack Obama will be the next U.S. president, three weeks ahead of the election.

The Dublin-based bookmaker said it made the "unprecedented decision" to pay on bets taken so far, following Wednesday's final campaign debate between Obama and his Republican rival John McCain, which polls judged the Democrat to have won.
"We declare this race well and truly over and congratulate all those who backed Obama," Power said.
"Although he seemed a little out of sorts in last night's final debate we believe he has done more than enough to get him across the line on November 4."
The bookmaker said the overall betting trend had shown "one- way traffic" for the Illinois senator since the start of the summer, with odds shortening to 1-9, meaning a bet of 9 euros is required to make 1 euro profit.
Power said it had taken more than 10,000 bets on the 2008 U.S. presidential election, the majority in support of Obama.
In June a wager of 100,000 euros was placed on Obama to win at odds of 1-2, yielding a payout of 150,000 euros, it added.

 

[punter]

I guess they felt they needed to close out betting.

 

[SportSavant]

Wow

 

[rolltide]

it's a typical Paddy Power stunt to 1) get free press to gain more customers and 2) limit the amount of bets coming in

They did this last year for Derby to be relegated from EPL and just did this a week ago with Stoke to be relegated. BTW, Stoke are only 7 games into their season and are NOT EVEN IN LAST PLACE.

In 2006 they paid out "Chelsea to win the EPL title" in October, with 31 matches left. Chelsea won btw

In 2003 they F'D up and paid out Arsenal to win the title then had to pay out Man U backers, who came back to win the league over Arsenal

They do this several times a year to generate the press...hell of a lot of press versus the 1M euros they dish out (which was likely to be dished out anyway)

so, there is no "wow" needed if you know the history of this bookie...just smart marketing

 

[SportSavant]

I have seen them do this several times before, but never expected it on this market

 

[zeeman]

Ann Coulter still states she will be very surprised if Mccain loses. I say Ann your in for a big surprise.

 

[punter]

And Rush Limbaugh is in for a big surprise on the 1st Easter after his death.

 

[Muddy]

DUBLIN (Reuters) - Ireland's biggest bookmaker Paddy Power said Thursday it would pay out early more than 1 million euros (782,776) on bets that Barack Obama will be the next U.S. president, three weeks ahead of the election.

The Dublin-based bookmaker said it made the "unprecedented decision" to pay on bets taken so far, following Wednesday's final campaign debate between Obama and his Republican rival John McCain, which polls judged the Democrat to have won.
"We declare this race well and truly over and congratulate all those who backed Obama," Power said.
"Although he seemed a little out of sorts in last night's final debate we believe he has done more than enough to get him across the line on November 4."
The bookmaker said the overall betting trend had shown "one- way traffic" for the Illinois senator since the start of the summer, with odds shortening to 1-9, meaning a bet of 9 euros is required to make 1 euro profit.
Power said it had taken more than 10,000 bets on the 2008 U.S. presidential election, the majority in support of Obama.
In June a wager of 100,000 euros was placed on Obama to win at odds of 1-2, yielding a payout of 150,000 euros, it added.

so stupid

i wish i had placed my $50 wager on Borak there

what if something happens to Borak?

 

[D2bets]

Is this a joke?

So if Obama should lose, then Obama wagers already won and I assume McCain wagers would be graded as a win? I'm assuming they booked McCain wagers?

 

[punter]

You have a keen grasp for the obvious this AM D2.

 

[steaktartar]

they've done it before....had to pay both arsenal and man u one year.......good pub they can afford it