Paddy Power Pays Out on Greece Voting ‘Yes’ Four Days Early

[Shizzmoney]

Paddy Power Plc “paid out five figures” in winnings to gamblers who bet that Greece will back a July 5 austerity referendum that may preserve the nation’s future as part of the euro region.
“Despite some polls suggesting it’s neck and neck, over the last few days we’ve seen enough to be convinced,” Paddy Power, Ireland’s largest bookmaker, said in an e-mail in Dublin on Wednesday. “In a race with two potential outcomes, we’ve seen over 85 percent of money go one way and that’s massive.”
Gambling companies routinely pay out early on sporting events when they regard the result as a foregone conclusion, in part because it draws publicity and in part because gamblers often recycle winnings into other wagers.
Occasionally, the gambit goes wrong. In 2003, Paddy Power paid out early on Arsenal winning English soccer’s Premier League title and Manchester United eventually became champions.

http://www.bloomberg.com/news/articl...-in-referendum

The vote was today. Looks like "OXI" ("No" in English) is clearly in the lead:

@LizAlderman
Throngs of people descending on Syntagma Square in front of Greek Parliament, waving flags, to celebrate apparent No victory in referendum

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[Belly Buster]

The vote was today. Looks like "OXI" ("No" in English) is clearly in the lead:

@LizAlderman
Throngs of people descending on Syntagma Square in front of Greek Parliament, waving flags, to celebrate apparent No victory in referendum

:

Paddy Power do this from time to time. The free publicity is well worth the "five figures" it costs them in payouts. Plus they know 90% of punters will chunk off their money rather than cash out the winnings.