Irish bookmaker Paddy Power loses $990,000 after paying out early to customers who bet on Hillary Clinton
Not too many people can say they saw Donald Trump's win coming, least of all bookies. Having assumed Hillary Clinton would win the election, Irish bookmaker Paddy Power actually paid out £800,000 (over $990,000) early to customers who bet on her, The Independent reports.
"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," a Paddy Power spokesman told The Guardian. "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."
For U.K. bookmakers, it's been a year of impossible odds. A $12 bet on Donald Trump winning the election, Britain leaving the EU, and the soccer team Leicester City winning the Premier League would have reportedly resulted in well over $37 million. "The odds suggest bookmakers believed there was 0.000033 chance of all three events taking place — a combination that was considered so unimaginable that, it is thought, no one in the U.K. placed a bet on them all," The Independent writes.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published