FanDuel Sportsbook to Pay $82K NFL Bet on Bad Line

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FanDuel Sportsbook has announced that it will honor the full value of all tickets which had ridiculously inflated odds during last Sunday's Oakland Raiders vs. Denver Broncos match.

For a period of 18 seconds, with Denver trailing by one point and well within field goal range at Oakland's 18-yard line, FanDuel posted odds of 750 to 1 on Denver.  The probability of hitting a field goal from this distance (36-yards) is 85%, meaning that the fair price should have been about -600, per the SBR Odds Converter.

An unknown number of sports bettors pounced on this — including Anthony Prince, who wagered $110 to win more than $82,000, and later took his complaint to the press when FanDuel paid out at the correct market odds — and are set to receive handsome payouts on the bad lines.

SBR Forum's reaction to FanDuel's decision to pay out on the erroneous lines was mixed. A few posters commented that it was comforting to know a bet at FanDuel would always be paid, while others labeled it a public relations move and thought that it opened a can of worms for the sportsbook. FanDuel's decision may comfort the average Joe, but likely invites angleshooters looking to take advantage of trader errors, which are much more prevalent in live betting.

Spokeswoman Kerry Langan for the New Jersey Division of Gaming Enforcement stated that the agency is encouraged by FanDuel's resolution. "The division will continue to work with FanDuel and the state's other licensed sports wagering operators to ensure the implementation of industry-wide best practices," according to a report by the NY Times.

Full Statement from FanDuel

"Above all else, sports betting is supposed to be fun. As a result of a pricing error this weekend, it wasn’t for some of our customers. For eighteen seconds, bettors were offered odds paying out 750-1 on the Denver Broncos converting a 36 yard field goal. A 36 yard field goal has approximately an 85% chance of success, so the astronomical odds offered on something highly likely to occur was very obviously a pricing error. These kinds of issues are rare, but they do happen. We have clear house rules about how such obvious pricing errors are treated, which is to pay winners at the correct price.

For those familiar with the industry these rules are understood, but we realize a lot of our customers are new to sports betting and were not familiar. We want FanDuel to be a sportsbook for all bettors, and we want sports betting to be fun. So, this one’s on the house. We are paying out these erroneous tickets and wish the lucky customers well. Going forward, we are working with the New Jersey Division of Gaming Enforcement to improve our processes and procedures. We will also work with others in the industry on educating bettors on these and similar instances and how they work.

We are committed to ensuring sports betting is reliable and fun for everyone, and we don’t want an eighteen second error to define anyone’s experience. So let’s have fun. This weekend, we’re giving away $82,000 to our customers, by adding $1,000 to the account of 82 lucky users."

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