The Irish bookmaker is reportedly looking at a €3 million (US$ 3.33 million) loss after American voters elected businessman Donald Trump as the next president of the United States.
Paddy Power to Lose $3.33M from US Elections WagerThis is the second time that Paddy Power Betfair found itself in the wrong side of political wagering since the UK voted to leave the European Union by a margin of 52-48 on June 23.
Paddy Power spokesman Féilim Mac An Iomaire told The Independent that the surprising twist in the US elections was reminiscent of what it saw in the “Brexit.”
“You could say it’s deja vu again,” said Mac An Iomaire. “Much like Brexit, it looked to be following the odds early on before a dramatic turnaround.”
Throughout the election campaign, the Irish bookmaker had predicted Clinton winning the Nov. 8 presidential polls. Paddy Power even made headlines last month by paying out about $1 million to customers who had bet on Clinton, saying the odds were so firmly in her favor that they wanted to get out of the bet.
But this all changed when the polling precincts opened on Tuesday. Paddy Power had Trump chance of victory at 83.3pc and Clinton’s at 22.2 percent.
“Paddy Power … will be on the receiving end of its worst political result in history if Trump does manage to upset the odds,” it said in a statement.
Meanwhile, the US presidential elections are set to eclipse the wagers made during the Brexit referendum, the Royal baby and all previous elections. CNN reported that the UK gambling industry is looking at more than £150 million ($186 million) to be wagered on the outcome of the 2016 U.S. elections.
So far, oddsmakers said they are looking at more than £130 million ($161 million) to be wagered by British punters. Should money bets surpasses £150 million, then the 2016 US presidential elections is poised to become the biggest non-sport betting event in British history.