Irish bookmaker paying out NOW on Obama's victory.

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Link

I've no idea how it benefits them to do this now, since there is still a small chance in hell that Obama won't win. Maybe for good PR?

 

[Arkaign]

It benefits them from having to pay off a (near) certain truth : Obama victory.

Still, would be better if they just suspended betting instead.

EDIT : To clarify, I meant from having to pay off the flood of NEWLY incoming bets flooding for Obama.

If they receive 10,000 bets for Obama, and 500 bets for McCain, then even though the payoff for an Obama bet wouldn't be huge, it would probably still be a losing matter for the bookies.

 

[jpeyton]

:laugh:

I bet some of that money is showing up in accounts of McCain staffers tomorrow

 

[CyberDuck]

It gives them (Paddy power) an enormous amount of publicity, so it seems like a brilliant move. Publicity that will pay itself many times over even if Mc Cain should win.

 

[AstroManLuca]

You should bet, like, $10 on McCain. And if he wins you make out BIG. If not, what's $10?

 

[techs]

Originally posted by: jpeyton
:laugh:

I bet some of that money is showing up in accounts of McCain staffers tomorrow

LoL

 

[jpeyton]

Conky put $100 on McCain about 5 weeks back; haven't seen him around here at all for a while.

Skipped town? :laugh:

 

[nobodyknows]

Wasn't it "Jimmy the Greek" who made a killing when Truman won? As I recall he based it on exit polling?

 

[DrPizza]

Originally posted by: Arkaign
It benefits them from having to pay off a (near) certain truth : Obama victory.

Still, would be better if they just suspended betting instead.

EDIT : To clarify, I meant from having to pay off the flood of NEWLY incoming bets flooding for Obama.

If they receive 10,000 bets for Obama, and 500 bets for McCain, then even though the payoff for an Obama bet wouldn't be huge, it would probably still be a losing matter for the bookies.

No it wouldn't. That's not quite how it works. By setting the odds, bookies can encourage people to bet both ways such that no matter who wins, the payout is the same. No bookie would offer such a bet straight up at this point. They manage their risk fairly well. Their goal is to match bettors together - someone willing to risk $10 on Obama to earn $1, vs. someone willing to bet $1 on McCain to earn $10. Bookie gets 10% of the amount lost.