paddy power loses 2 million on tiger

betplom · 08-17-09, 10:01 PM

Where is the link?

Story seems unbelievable.

http://sports.espn.go.com/golf/pgachampionship09/news/story?id=4405352

jjgold · 08-17-09, 10:01 PM

do you really think that is true?

wtf · 08-17-09, 10:03 PM

it was in paper here in hong kong today

SBR_John · 08-17-09, 10:12 PM

I dont get it. So it was a PR move? It had to be, they paid after Fridays round. So its just a marketing cost on a very short price 1-5.

tacomax · 08-17-09, 10:18 PM

Originally posted by SBR_John

I dont get it. So it was a PR move? It had to be, they paid after Fridays round. So its just a marketing cost on a very short price 1-5.

You got it, it's all PR - they do this quite regularly on different bets. Every time they reveal they're going to pay early, it's all over the news. When they pay early and the bet loses, it's all over the news x10. When you factor in the actual value of the bet at the time paid, it only cost them about $0.5mil for a ton of publicity.

DUBLIN, Aug 17 (Reuters) - Tiger Woods's failure to turn a commanding lead into a U.S. PGA Championship win on Sunday not only cost him a 15th major, but also left Irish bookmaker Paddy Power (PAP.I) 1.5 million euros ($2.12 million) out of pocket.

Paddy Power, renowned for settling its bets early, paid out to all backers of Woods after just 36 holes when the world number one was four shots clear at odds of 1/5.

However South Korean Yang Yong-eun became Asia's first male major winner after overhauling Woods in stunning fashion to win at the Hazeltine National by three shots.

"It takes a special kind of dimwit to turn what should have been our best ever golf result into our worst," Paddy Power said in a statement.

"Paddy Power punters are obviously the big winners here and have made like bandits getting paid out on Tiger as a winner.

"Our only saving grace is that (Padraig) Harrington didn't do the business, thank God!" the statement added in reference to the popular Irish golfer.

Yang was available at odds of 150/1 at the start of the tournament and 16/1 before the final round.

pavyracer · 08-17-09, 10:18 PM

I bet you more than half of the money paid was bet on Tiger winning the tournament at other books the next day.

wtf · 08-17-09, 10:27 PM

taco is right

hong kong paper would NEVER print anything about a book , in fact they cannot even buy space in the paper for ANY amount of money , it is illegal here to advertise

durito · 08-17-09, 10:27 PM

Originally posted by wtf

did you guys read about paddy power paying ALL backers of tiger after the third round ended, giving them a loss of over 2 million usd!

I guess the logic on their behalf is to let these players start betting their winnings on other events, but wow, what a mistake.

not surprising that your cluelessness extends this far

wtf · 08-17-09, 10:31 PM

clueless about what? fill us all in

jj didnt even believe it was true, so what is he

tacomax · 08-17-09, 10:39 PM

Originally posted by wtf

jj didnt even believe it was true, so what is he

As clueless as you. He has a long posting history to document this.

wtf · 08-17-09, 10:52 PM

seriously taco why you and burito sit around this site calling people names?

you think you are the master at arms?

give a serious reply, but you wont, just more of your childish ridicule

durito · 08-17-09, 10:53 PM

taco explained the whole thing earlier in this thread. that you can't or won't read is your problem.

tacomax · 08-17-09, 10:56 PM

Originally posted by wtf

seriously taco why you and burito sit around this site calling people names?

you think you are the master at arms?

give a serious reply, but you wont, just more of your childish ridicule

You thought it was a mistake. jjgold couldn't believe it was true. That says quite a lot about the both of you.

MonkeyF0cker · 08-18-09, 12:13 AM

They paid Obama futures early too...

It's nothing new.

ijustwant2bpaid · 08-18-09, 12:28 AM

I remember hearing about the Obama thing, cheap advertisementfor sure.. Are they asking anyone for their bets or is it a done deal?

MilfDriller · 08-18-09, 02:43 AM

lmfao. look at durito the sick fvck. he's at it again.

you know, durito, I love how sick you are. you are fat. you are ugly. you're bald. you're a dumb gringo... and you think you're George Soros. lmfao.

you are Woody Allen to a 'T'. you sick fvck. I love it!!!

wtf · 08-18-09, 03:12 AM

milf you know why burito lives down there

cause he would NEVER get laid anywhere else on planet earth

MonkeyF0cker · 08-18-09, 03:16 AM

At least he's gettin laid, wtf. I highly doubt you are...

tacomax · 08-18-09, 03:26 AM

Originally posted by wtf

milf you know why burito lives down there

cause he would NEVER get laid anywhere else on planet earth

Why - apart from starting your OWN business that you started on your OWN - did you move to China ?

pico · 08-18-09, 03:42 AM

what newspaper is this?