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UK Bookmakers Lose Out as Trump Wins Presidential Election

UK Bookmakers Lose Out as Trump Wins Presidential Election

It is not only Hillary Clinton and her supporters that are suffering following the presidential election this week but bookmakers across the United Kingdom are also feeling the shock following Donald Trump’s victory.

It is probably the Irish bookmaker Paddy Power that has come out worse off after they paid out for a Clinton victory a couple of weeks ago. The bookmaker has said it lost about €5 million in what it called its “biggest political payout ever”. Spokesman Féilim Mac An Iomaire said “We’ve been well and truly thumped by Trump with his victory leaving us with the biggest political payout in the company’s history and some very, very expensive egg on our faces”.

One of the winners was a hotel owner from Cornwall who had placed thirty bets with William Hill over the past 18 months on Trump winning the election and he is now more than £100,000 better off. William Hill is also paying out £101,750 to a man in Nottingham who bet £37,000 on Trump winning at odds of 7/4.

The day before the election a man in London bet £200,000 on the betting site Spreadex on Trump winning and he has now won an incredible £500,000

Of course it isn’t all good news for the punters. Thousands have lost money after Backing Hillary Clinton including a woman who bet £150,000 at William Hill and a Durham woman who put £183,200 on Clinton in a two-part wager.

Bookmakers have suffered through Leicester City winning the Premier League, Brexit and a Trump victory in the space of a few months and punters are now sure to be looking for other unlikely events to back in the coming months.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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