Paddy Power Lose $2.5 Million in Tiger Woods Early Payout

Posted by Rooster on August 17th , 2009 under Sports Betting News | Be the First to Comment

Ireland’s largest bookmaker Paddy Power who are also owners of Australia’s Sportsbet made a massive decision on the weekend to pay all bets at the halfway mark of the US PGA for Tiger Woods to win the tournament. Woods was 4 shots in the lead at the time.

It can be a good business move as it increases the likelihood of punters betting their early winnings on other big events like round 1 of the English Premier League that started on the weekend. It also gives Paddy Power alot of good publicity with word going all around the world including right here on this blog in Australia!

Paddy Power said “Tiger is a dead certanty he just doesn’t lose from the front.”
“It’s cost us an arm and a leg but the way we see it is that we’ll be paying it out on Sunday night anyway so his backers may as well get their cash now and enjoy the rest of the weekend on us!” Read more of this article »