Irish bookmaker, Paddy Power, has admitted they have taken their worst ever beating over the results of the US elections. The bookie’s early backing of Hillary Clinton meant that they have to pay out around $5.5 million to punters.
The bookmaker was so confident of a Democratic win that they opted to pay out an impressive $1 million to punters who bet on Clinton a whole three weeks before election night. When Donald Trump was announced the winner, they were then hit with another $4.5 million to pay out.
“We’ve been well and truly thumped by Trump with his victory leaving us with the biggest political payout in the company’s history and some very, very expensive egg on our faces,” said Féilim Mac An Iomaire, spokesperson for the company.
Just a month ago, Paddy Power put its “neck on the line”, paying out early for Clinton supporters after calling her campaign to get to the Oval Office, a “done deal.” However, they now believe the FBI’s renewed investigation into her emails is one of the major reasons she lost the race.
Paddy Power has not slowed down however and they are already offering odds surrounding Trump. Some of the Trump specials available include 4/1 that he will be re-elected in 2020 or 10/1 that he will be successfully impeached; 6/4 that he will appear in court during his presidency; 100/1 that he will turn the white house gold and 20/1 that he will actually build the Mexican border wall.
Some punters did very nicely from Trump’s victory with one man awarded a $125,000 cheque by rival bookmaker, William Hill, while UK-based businessman, Vincent Tchenguiz, did even better claiming $1.1 million after putting down $436,000 in bets across two bookmakers.