Online Gambling Site's Decision To Pay Out $1M Early On Clinton Victory BackfiresPaddy Power Says It Was Hit With 'Political Egg' |
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An Irish bookmaker’s $1 million gamble on Hillary Clinton went awry early Wednesday morning, as former Atlantic City casino owner Donald Trump won the White House.
Paddy Power announced about a month ago that Clinton was basically guaranteed to win the election, and so it paid out $1 million early to bettors. Paddy Power is facing a total political payout of $4.5 million thanks to Trump’s win, according to a company blog post.
“We’ve been Trumped,” the company said. “A late FBI investigation dealt Hillary’s campaign a blow, and now Paddy Power has some very expensive political egg on his face.”
The loss on a Trump win is the largest the company has ever had on a politics bet.
Féilim Mac An Iomaire, a spokesperson for Paddy Power, said in a statement: “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."
The site currently has Trump at 4/1 to be re-elected in 2020. The gambling platform has him at 10/1 to be successfully impeached. The odds are 100/1 for Trump “turning the White House gold.”
As a Bloomberg report noted, Paddy Power’s $1 million loss on the early payout was likely made up for in publicity. The site also paid out early on President Obama in 2012.
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