Trumped: Irish bookmaker forced to pay out twice after shock US election result
The bookmakers have been stung twice by the election: first opting to pay out a whopping $1 million to Clinton backers some three weeks before election night and then having to cough up to customers who bet on Donald Trump.
Paddy Power says Trump’s victory means it has had to pay out a further $4.5 million.
In a statement, the company, known for its brash advertizing campaigns, admitted it had been “Trumped” and left with “very expensive political egg” on their face.
The company cited the renewed FBI investigation into Clinton’s emails as one of the reasons for her loss in momentum in the run-up to polling.
“His [Trump] victory in the early hours of the morning – which has left serious question marks over our company Christmas party – was indicated last week as his odds were slashed following an FBI investigation into Clinton’s private email server,” Paddy Power said in a statement.
“The result also stung us for our biggest political payout ever, we’ve been hit for over $4.5m by customers who backed Trump.”
Just last month the self-described “mischief” bookmaker called Clinton’s race for the White House a “done deal.”
On October 18, Paddy Power announced it was putting its “neck on the line” for more than $1 million by paying out early.
“With the national polls showing a healthy lead for the Democratic candidate and Donald Trump’s campaign running into scandal after scandal, Paddy Power believes it’s a done deal and that Hillary is a nailed-on certainty to occupy the Oval Office,” the bookmaker said at the time.
The Donald’s subsequent White House win has proved lucrative for some lucky punters taking a flutter.
In the UK, betting firm William Hill look set to present one very lucky customer with a $125,000 cheque.
British CASTLE OWNER John Mappin is $125,000 better off after betting on a @realDonaldTrump Presidential victory— Jon Ivan-Duke (@JonIvanDuke) November 9, 2016
“I’m not a betting man but I checked the odds at William Hill and they had him at 20-1  for the nominations and 33-1  for the presidency, so what I did was rather cheekily took the whole book and put about 33 bets on him,” John Mappin told The Sun.
Meanwhile, it’s reported that UK-based businessman Vincent Tchenguiz claimed $1.1m (£850,000) after placing a $436,000 (£350,000) bet across two brokers.
“I’m surprised by how everybody is stunned that [Trump] actually won,” he told Metro UK.
Betfair has also announced that its biggest overall winner claimed $2.5m (£2m) after placing a stake on Trump way back in the primaries.