Paddy Power stung by US election results
No matter how you bet on the US election with Paddy Power, you got paid.
In a publicity stunt, the company paid out early on a Hillary Clinton election win in mid-October only to have to pay out to Trump betters three weeks later.
The company today reported that it lost £5m on the move. The early payout cost £1m and Trump's win another £4m.
"The one lesson that we have from this is that we should probably pay a little bit more attention to the money," a Paddy Power spokesman said after the election. "There was a flood of bets coming in for Trump all the way through and we kind of thought that it was just because his odds were a bit more rewarding than Clinton's odds."
Overall, the company lost $40m in Q4. The big reason is that few Premier League matches ended in draws.
