Paddy Power Pay Out Over $4.5million After Donald Trump Victory
Paddy Power has been well and truly spanked. Not only were they left to pay out $4.5million on Donald Trump’s victory but this came after they already paid out $1 million on Hilary Clinton becoming president three weeks before the election. The result of the Trump victory was the biggest political pay out in the firm’s history and the earlier decision on Clinton rubbed salt in the wounds. Paddy Power are not the only losers with Bet 365 stating that Donald Trump has caused their worst ever result on their ‘specials’ with a pay out of around £4 million.
On 18th October Paddy Power were so convinced that Hilary Clinton was heading to the white house they decided to pay out and have been left mystified after Donald Trump drifted out to 8/1 in places at around 1:00am last night after being as short as 7/2 earlier in the day only for him to go and win. Trump was first introduced in the betting market at a price of 150/1 in March 2015 and his price continued to shorten throughout his campaign.
The victory for Donald Trump came after a surge of late support for him in the betting markets with Paddy Power last week reporting that 91% of the last minute money was for Trump, following the reopening of the investigation into Hilary Clinton’s email controversy. Some people also share the opinion that Brexit happening may have had an impact on people’s decisions to back Trump, with both not being favourites in their respective markets.
It’s not the first time Paddy Power have paid out prematurely and been left with pie on their face, having paid out on Man United winning the league in 2013 only for City to win it with Aguero’s famous last minute strike.
Donald Trump becoming president caps off the unlikely treble of 2016 with Leicester winning the Premier League and the UK voting to leave the EU, returning odds of a massive 3,000,000/1. Paddy Power now have specials on site for what may happen during Donald Trump’s presidency including a wall to be built covering the entirety of the US-Mexican border at 4/1 Hilary Clinton to be arrested before 2020 at 12/1.