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Jul 17th, 2015 Comments Off on Paddy Power Pays Out A Hundred Thousand Euros To The Wrong Bettors

Paddy Power Pays Out A Hundred Thousand Euros To The Wrong Bettors

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Various websites offer diverse services to people – buying and selling, for instance, is offered by the most known eBay; website design Perth, a professional when it comes to making webpages appealing for online businesses or organizations; and there are also betting websites mainly for political and financial events, Paddy Power, being the most popular very recently, as news of the said website getting “too excited” came out last July 6, 2015.

Paddy Power, the popular Irish bookmaker, was said to have paid out six figures or equivalent to a hundred thousand euros to bettors of Yes, which was actually voted by 39% only of Greece as opposed to the winning No by 61% of its people. The referendum that was called for which was held in Greece was regarding the new bailout terms that had been set by its European creditors. The online betting site, however, was a little too confident and thus, a little too early, paying 5 days before the actual voting of the Greeks was supposed to take place and embarrassingly, to the wrong bettors. And so in an email to Bloomberg, Paddy Power simply said: “My bad, got a little overexcited.”

According to fortune.com, such an event happening is not at all unusual as there are advantages to early payouts happening, like attracting publicity and even more interesting and favorable to the gambling company is that it can lead those who have collected their winnings to wager one more time.

The 61% of the Greeks voting no means a total rejection of both pension cuts and value-added tax increase to mention a few which were said to be demanded by the latest bailout terms made by the European creditors. Meanwhile, this rejection is said to be harmful to Greece in such a way that instead of getting a better deal that will be more favorable to their government, it may just lead to the opposite of more complicated negotiations or the worst of all, Greece being out of the Eurozone. The assistance from bailout creditors, popularly nicknamed as the Troika, although overwhelmingly rejected by more than half of the Greeks, will undoubtedly remain to be necessary for the good of its economy.

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