Irish bookmaker pays out early on Obama victory

[jammanxc]

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

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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...


http://news.yahoo.com/s/nm/20081016/od_uk_nm/oukoe_uk_bookmaker_obama_odd

 

[Sammy439]

Is this not very stupid? So they pay all the Obama winners when it is still about a 10%-20% chance for McCain to win? Why are they doing this? Nothing to gain and everything to lose.

 

[SportSavant]

Is this not very stupid? So they pay all the Obama winners when it is still about a 10%-20% chance for McCain to win? Why are they doing this? Nothing to gain and everything to lose.

are you factoring in the free press and marketing?

they probably are also receiving more obama than mcain wagers so this allows them to cut the market.

 

[douglas]

Is this not very stupid? So they pay all the Obama winners when it is still about a 10%-20% chance for McCain to win? Why are they doing this? Nothing to gain and everything to lose.

Publicity ..........

 

[MikeB]

End of wagering.

Good faith.

 

[Sammy439]

I guess but thats expensive advertising. If McCain wins they are on the hook for a million euros plus the mccain money. So like 1.5 million euros for some publicity. Why not just run some commercials instead. Man.

I'm just thinking about poker and how its like an 80% chance when you go all in with a higher pocket pair than the other guy has and how often that 20% hits on the trips to knock my ass out. Risky.

 

[winbet]

Paddy power come up with this advertising ploy some Years ago and have flogged it to Death ever since. Basically they havent a carrot on the Election, People in the British Isles have more things to bet on than a 1/2 nonsense 6 months ahead.
Lets see these Wankers, and they are wankers, (try putting a Monkey on a 10/1 shot in a seller with them and see the panic) pay out on the Man Utd saturday before the game. :missingte wankers. :drink:

 

[rolltide]

talked about this in the Politics forum

Paddy Power does this 2-3 times per year and just did it again last week with Stoke relegating.

The only time I remember them losing was 5 years back when they paid out Arsenal in the fall and Manchester United came back to win...thus double payout

 

[SportSavant]

obviously its working becuae here at the RX its already posted in 2 forums, ill bet its posted everywhere.

Plenty of Canadians viewing these forums elgibile for paddypower accounts.

 

[whormoan]

People can start re-betting the money and losing it

 

[Cusipz]

Great publicity, I like it.

With McCain folding up shop already in some 'battleground' states, this sucker is over.

Only Diebold machine hacking (a possibility) could change the result now.

 

[Sammy439]

You can still get Obama at -640 for up to $3000 at Bookmaker, for those that think it really is over. I don't think 'Cain has a shot but odds are odds.

Cain has run a terrible campaign.

 

[joeyfitzclick]

They paid out on Arsenal to win the league in February couple years ago and they ended up choking away their lead to Man Utd so they paid out twice.

 

[ThreeUnits]

It would have been hilarious if they'd paid out tonight all the Tampa Rays backers with 2 out in the bottom of the 7th with the Red Sox down 7-0 ..........