While Donald Trump’s victory in the presidential race could have a significant impact on the US politics, online bookmakers have much more pressing concerns. Trump, who’s been an underdog for the duration of the campaign, managed to turn the tables at the last minute, causing significant losses for the bookies. This is especially true for those who relied too much on the media information.
Paddy Power’s Rash Decision
Things didn’t look peachy for Donald Trump after presidential debates, and most experts agreed that Clinton’s victory was basically guaranteed. Relying on these opinions and the general public sentiment, Paddy Power paid out nearly $1,000,000 early to those who bet on Clinton to win the race. The decision came back to haunt them, as Trump made a miraculous comeback and ended up winning the election.
To add insult to injury, Paddy Power had to pay further $5 million to those who backed Trump from the get go. Odds on the Republican candidate winning were as high as 3.75 to 1, and there were quite a few punters willing to place significant funds to back the „underdog.“
Other Bookmakers Feeling the Heat as Well
Paddy Power wasn’t the only bookmaking company to be hit by this surprising development. Ladbrokes, for example, will be paying nearly $75,000 to two separate punters who placed $250 bets each on Trump’s victory during early days of the campaign, when such a notion seemed impossible.
Of course, there are also those who went with a “safe” bet and decided to back Hillary Clinton. One woman placed more than $600,000 on Clinton’s victory, and if the results were in line with expectations, William Hill would be on the line for a quarter of a million.
Biggest Non-sporting Event for the UK Bookies
According to reports from the CNN, punters from all over the world staked more than $186 million with the UK bookies on the outcome of the election. This mind-boggling number makes the 2016 US Presidential election the biggest-ever non-sporting event handled by the UK bookies.
This means that the election attracted more interest in the UK than some other highly interesting topics, like Brexit results or the royal baby name predictions back in 2014. Experts believe Trump’s celebrity status had a huge influence in this, as people’s interest was piqued far more than during previous presidential campaigns.
When the dust settled, the UK bookies couldn’t have been happy with how things went down, but there wasn’t much they could do about it. Bookmaking is a risky business and every now and then, the unthinkable does happen.