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US election costs cocky Paddy Power Betfair US$5.5mln

Wednesday, November 9, 2016 2:57
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UK bookmaker Paddy Power Betfair plc (LON:PPB) has been hit for its biggest political payout ever in the wake of Donald Trump’s victory.

Paddy Power had already paid out US$1mln last week to customers who backed Hillary Clinton and has now been hit for US$4.5mln by customers who backed Trump.

The bookie said: “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 huge surge in bets for ‘The Donald’ followed the FBI’s re-opening of its investigation into Hillary Clinton’s emails, it added.

It may have  been the bookmaker’s biggest political hit, but far from being deterred it is already running odds of 4/1 for Trump to be re-elected in four years.  

Shorter odds (6/4) are on him appearing in court before the end of his term as president and Paddy Power seems to be doubtful that the controversial wall along the Mexican border will be built. You can get  20/1 on that happening.

Shares shed 1% to 9,075p. 


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