Joe Weisenthal
Business Insider
Famous Irish betting side Paddy Power has announced that it will pay out those who wagered on Obama two days early.
Apparently it’s kind of a publicity stunt for them. They get some free media (like this post!) and the risks aren’t that huge if they also have to end up paying Romney bettors. Here’s a story on how they lost money on a similar stunt with Tiger Woods.
Here’s the press release we got:
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PADDY POWER PAYS OUT ON OBAMA VICTORY
Dublin, November 4th 2012: With still more than two days to go before America votes, Paddy Power, Europe’s largest betting company, is paying out to punters who backed President Obama to win the US election.
Despite the national polls showing voters remain largely undecided with nothing more than a sheet of ballot paper between the two candidates, Paddy Power believes it’s a done deal and that Obama is a nailed on certainty to win a second term.
The gutsy call sees the bookmaker put their neck on the line for over $650,000. Prior to paying out, Obama’s odds fell to a low 2/9 and over the past months Paddy Power have seen 75% of money staked go Obama’s way.
A Paddy Power spokesperson said: “Romney gave it a good shot and is doing well in the popular vote, but we suspect he’s had his moment in the sun and is likely to be remembered more for his legendary gaffes than Presidential potential. The overall betting trend has shown one way traffic for Obama and punters seemed to have called it 100% correct. Despite Romney appealing to the large evangelical and senior vote, America‘s sticking with black and cool.”
Paddy Power continues to offer betting right up to and including Election Day. One of the most popular bets currently on offer is predicting the winning margin of the successful nominee on November 6th.