Worst decision EVER by ANY sportsbook

[floridagolfer]

How about this for stupidly, inexplicably costing yourself a few million? They decide Tiger Woods is such a lock midway through the PGA Championship that it goes ahead and pays off those bets on Tiger to win, except, of course, that he goes ahead and finishes second. You've got to figure there are a couple of Paddy Power execs today out of work.



. . . Irish Bookmaker Paddy Power -- The betting agency puts out a press release stating it took a major hit. Not on those who backed Yang (who was 150 to 1 at the start and still 16-1 on Sunday), but because it had offered an early payout option on Woods after he took a four-shot lead after 36 holes. The bookmaker said it lost $2.1 million pounds to those who cashed in early, commenting, "It takes a special kind of dimwit to turn what should have been our best ever golf result into our worst."

[Justin7]

They got a lot more than $2m in publicity from this stunt.

[MexicanStallion]

That is incredible. I wish my sportsbook would have offered me a win once the Padres were up 5-4 in the delay

[HeeeHAWWWW]

PaddyP does this often, gets them bucketloads of free press in the UK and Ireland.

The cost won't be anywhere near what's quoted, because it was a long odds shot, they can lay off their liability elsewhere (or balance the book internally with odds manipulation?).

[Chopsticks]

They probably had it layed off already somewhere as HeeHAWWWW says. And this is not the first time they have done a stunt like this. Back in May they refunded losing bets on Chelsea because of poor refereeing and Chelsea conceeding a goal 3 minutes in to injury time.

http://blog.paddypower.com/blog/index.php/2009/05/07/chelsea-refund/

[jackpot269]

What was the cut on the early pay out!!!!!!!!!!

[TheBeautifulGame]

Paddy Power do this all the time. I remember when they paid out all who bet on man utd to win the premier league half way through the season. I remember I was personally refunded a soccer wager (arsenal v portsmouth i believe last season) because of a bad ref decision.

Whatever 'losses' they make, they most likely make 10x times back due to publicity. People will most likely join them because they feel they are been honest and will bet with them.

[thespeculator]

they did this during the presidential election, i think they paid out a week early on obama

[Santo]

The title of this post is a perfect example of why this is such good publicity for them, you felt the need to tell us, just as Avg Joe in Uk and Ireland feels the need to tell their friends. Add Word of mouth to the written press, online media etc and it's a bargain for them.

[yisman]

this is hilarious.

[Frank]

Steelers vs Dolphins opening night 2006 at Mansion Sportsbook.

I believe it was a free bet on Pitt -4.5 -110

All losses were refunded.

I believe you were allowed to take the other side at their exchange.

Free press is free press but giving a dime away to every single customer is insane.

[milwaukee mike]

that free bet was on pittsburgh -7.5 before rothlisberger was scratched.
i know because i had it for the free 1000 and only hedged 1/2 of it (thankfully before the line changed to a pick em on the rothlisberger accident) - the free bet was saved by a joey porter interception return for a touchdown late in the game.

http://postgazette.com/pg/06251/720137-66.stm