Betting against Trump can be expensive. Thinking Hillary would win, Irish bookmaker paid out early. Betting against Trump cost the Irish bookie $5 million-CNBC, 11/9/2016

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11/9/2016, “After paying out early on a Clinton win, Trump victory costs Irish bookmaker $5 million,” CNBC, Anmar Frangoul 

“An Irish bookmaker was left red faced on Wednesday morning after its decision to pay out early to customers who had bet on a Hillary Clinton victory in the U.S. election proved costly. 

In October, Paddy Power paid out £800,000 ($992,528) on a Clinton victory after a series of negative news stories [allegedly] threatened to derail Donald Trump’s campaign. 

“We’re in the business of making predictions and decided to put our neck on the line by paying out early on Hillary Clinton, but boy did we get it wrong,” Paddy Power spokesperson Lewis Davey said in a statement Wednesday. 

The bookmaker added that it had been hit for more than £4 million ($4.96 million) by punters who’d backed Donald Trump to win. 

“We’ve been well and truly thumped by Trump, with his victory leaving us with the biggest political pay-out in the company’s history and some very, very expensive egg on our faces,” Davey added. 

Undeterred by what many are regarding as a shock result, Paddy Power has started to take bets on a host of “Trump specials”. 

The bookmaker has priced him at 4/1 to be re-elected come 2020, 20/1 to build a wall spanning “the entirety” of the U.S.-Mexican border, and evens to make Russia his first international visit.”



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