PaddyPower has been making headlines this week after announcing they lost millions after the US election results were announced.
When Donald Trump first announced his bid for the US presidency, most online sportsbooks in Ireland listed him as a massive betting underdog. He was initially listed as a 150/1, but after gaining more supporters and winning the Republican nomination, his odds gradually improved.
As the election drew closer, Trump was still seen as the massive betting underdog. Most country-wide polls had him well behind his Democratic rival, and news reports were even stating it would “take a miracle” for him to get the nomination. Miracle or not, Trump won the election by a stunningly large margin, and now many online betting sites in Ireland including PaddyPower are paying the price. €3 million, to be exact.
It’s not their fault either. These sites simply did not take into account how discouraged many Americans feel about their current political system. For many people (mostly white) Trump represented a normal working American, uncorrupted by years inside the political machine. It was this that earned him the Presidency.
The US election results was not the only thing PaddyPower lost serious capital on this year. They had the UK leaving Europe as a serious long shot, and when Brexit was passed, they were forced to pay out over two million pounds to their members. It seems likely that underground casino owners were probably forced to pay out as well.
Does PaddyPower still offer political betting?
One can only imagine how surprised PaddyPower was when Trump won the election. We at GamingZion reported on the news that they were paying their members who bet on Clinton, weeks before the US election results were even announced.
The Irish gambling news that PaddyPower lost millions on Trump being elected has not stopped them from still offering political novelty bets. Right now, members can place their bets on a number of political wagers including the next UK Conservative Party Leader, the next French President, and the next President after Michael D. Higgins.
What did you think about the US election results? Will you try your luck on another political bet? Tell us what you think by leaving a comment below!