Sportsbooks Take Biggest Political Betting Loss Ever

Regardless of your political affiliation, the 2016 Election between Hillary Clinton and Donald Trump was a barnburner that kept everyone up into the middle of the night wondering which candidate would emerge victorious.

Online sportsbooks such as Bovada were giving Trump +350 betting odds to win the election. Clinton was the heavy betting favorite at –500. In political elections, usually the sportsbooks are able to accurately pinpoint the winner based on the betting odds. At –500 in an election should be a virtual lock on the election.

Paddy Power’s sportsbook had already paid over $1M to early Clinton voters because they were so sure that she was going to get elected. Paddy Power went on to lose over $5.5M total on the US Elections alone.

Sportsbooks Take Biggest Political Betting Loss Ever

With Donald Trump becoming the 45th President of the United States at +350 betting odds, many sports betting enthusiasts have begun to wonder: How did the sportsbooks get this wrong?

All indications show that there was a large sum of early money bet on Hillary Clinton. That would have likely increased Trump bettings odds, and lowered Clintons payout odds. During the last week of betting, it was reported that 91% of all late money bets were for Trump. Many sportsbooks flucated on Trump going from 2/1 betting odds to 4/1 betting odds.

The year 2016 will go down as the worst year ever for the sportsbooks who have hosted wagers on political races. Combined with the losses incurred by the Brexit vote, international online sportsbooks will need to refine their methods of handicapping political races unless they just enjoy giving their customers free money during the political season.

December 3, 2016 by : Posted in 2016 No Comments

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