Why in the world would a book do this?

[c20916]

What in the hell do you have to gain by paying out a bet before the round is over?


Bungling bookies Paddy Power were left reeling on Sunday night after their ?1.25m early payout on Tiger Woods to win the USPGA spectacularly backfired when the world number one was unable to see off the challenge of YE Yang at Hazeltine National Golf Club.

Paddy Power, famous for their early payouts, took the unprecedented step of paying out over ?1.25m to backers of Woods before the world number one teed off for round three of the USPGA on Saturday afternoon.

At the time, Tiger was four shots clear at the top of the leaderboard and was a red-hot 1/5 favourite to win the final major of the year.

But despite having won all the eight majors he'd previously led at the halfway mar, Tiger went cold over the weekend, resulting in the bookies' record breaking seven-figure cock-up, the biggest ever mistake of its kind.

Paddy Power said: "It takes a special kind of dimwit to turn what should have been our best ever golf result into our worst. 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 Harrington didn't do the business, thank God!"

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

 

[yyz]

There has to be more to it than this.

 

[MadJack]

and it sounds like they are making good on the fukup :shrug:

 

[Agent 0659]

How is this different than a slot paying out wrongly? According to some of you guys in the past, the bettors should pay the $$$ back, eh?

Never take a shot at a book, right Jack

 

[MadJack]

Never take a shot at a book, right Jack

I didn't get the part about the players taking a shot at the book. I understood that the book fuked up.

No, I wouldn't try to cheat a book, bank, store or anything, but that might be just me.

Go for it.

 

[The Judge]

Paddy Power has a history of paying wagers early and they will probably gain in free publicity what it cost in payoffs to bettors.

 

[no pepper]

This is a different situation. The book is saying, "Hey we fucked up and paid you but we acknowledge that it is our mistake and we still choose to pay you." There is no deception here on the part of the players.

I was at the bank the other day and the teller gave me $1,100 too much cash back. I pointed out the error (although it 'oit). Now if she would have said, "It's OK Mr. pepper it was our mistake but we want you to keep the overage as a token of our superior customer service..." Well then, it's off to harrahs.

 

[c20916]

It does say, famous for their early payouts, and I don't know how often they payout early, but just can't see the risk/reward in doing that. Maybe they get more clients because of it, who knows.

And yes from what I gathered they didn't ask for the money back.

 

[MadJack]

And yes from what I gathered they didn't ask for the money back.

that's what it sounds like to me too.

like yyz said; there's prob more to it.

 

[kickserv]

There is nothing more to it. Paddy Power has been doing this for years and years. 99% of the time it works out for them, this time it didn't.

I remember about 10 years ago getting paid by them early for a tennis bet. The dude ended up losing, but I got paid anyway. As I said they have been doing this for as long as I can remember.

 

[jimmy the greek]

they must attract a lot of casual bettors, even after the above marketing gimmick they are offering ''if you bet a certain soccer game and player x scores a goal, any and all bets on the contest will be graded winners!''


well, i likely never would've gone to the site if the story wasn't in the news.

 

[yyz]

So they graded Tiger Woods bets a winner on Friday????

I mean, that is generous!

 

[The Judge]

So they graded Tiger Woods bets a winner on Friday????

I mean, that is generous!

It is more probably a publicity stunt which will pay off huge. Paying out $2.1 million with the result of having your company's name on the front page of every major newspaper in the world is a bargain.

 

[yyz]

It is more probably a publicity stunt which will pay off huge. Paying out $2.1 million with the result of having your company's name on the front page of every major newspaper in the world is a bargain.

No. It's fucking stupid, and I'm guessing it doesn't happen that far out again.

I'll ask right now, amongst a group of actual sports bettors:


"How many of you will run out and place money with these guys, based on this?"

"How many of you will even look for their site?"

I thought so.

 

[The Judge]

The story even made PTI today. Money can't buy this kind of exposure.

Nuff said.

 

[greggraffin]

"How many of you will even look for their site?"

I thought so.

Me.

 

[yyz]

The story even made PTI today. Money can't buy this kind of exposure.

Nuff said.

Well, more people probably play at this book, than watch PTI.


Hey, I guess I'll just be in that small minority that still doesn't check these guys out.

 

[Destructor D]

I agree with Judge... the exposure and press is well worth the payout... excellent advertising:violin:

 

[hedgehog]

No, I wouldn't try to cheat a book, bank, store or anything, but that might be just me.

I take pride in being honest too