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Jinky

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Jun 30, 2001
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Power Left To Rue Cashing Chips Too Soon

By Russell Kempson



AMID the sound of wailing Arsenal fans yesterday there will be have been even less sympathy for Paddy Power, the bookmaker that gambled and failed. It paid out on all single bets on Arsenal winning the Barclaycard Premiership nine weeks ago and now faces a “six-figure” loss.

The Irish firm sustained a double whammy last night when Mark Williams won the Embassy World Snooker Championship in Sheffield and a possible triple whammy lies ahead if Celtic overhaul Rangers to win the Bank of Scotland Premierleague. “It won’t be the end of the world,” a philosophical company spokesman said.

Power specialises in novelty “concessions”, which include paying out before an event has been concluded if it deems that the outcome is a certainty. In early March, when Arsenal had an eight-point lead over Manchester United, it decided that the title race was done and dusted and allowed “successful” punters to collect their winnings.

Arsenal’s 3-2 defeat by Leeds United at Highbury on Sunday, handing United the championship, proved the odds-maker to be wrong. Yet even those who placed multiple bets on, say, Arsenal to complete the Double will be treated as “winners” should Arsène Wenger’s team overcome Southampton in the FA Cup Final on May 17.

Power’s liabilities have escalated already. It decreed that if Williams won the snooker in Sheffield, it would give back the losing bets on the other competitors. Williams, from Wales, defeated Ken Doherty, the Irishman, by 18 frames to 16 in the final at the Crucible last night.

The firm’s losses could rise further. It paid out last month on Rangers, the runaway leaders at the time, taking the Scottish title. Celtic have since reduced the gap to three points, with a game in hand, and could take over at the top should they beat Motherwell by a four-goal margin tomorrow night.

“Our loss with Arsenal is going to be six figures alone,” the spokesman said. “It’ll still be six figures if both of the others come in, but that’s significant enough. Three in a row and eyebrows tend to be raised. We’ve had a pretty good run of choosing our concessions and we’re happy for them to oblige on occasions, but for all of them to go in is something else. It could be the worst picking since the potato blight of 1846.”

Reminds me of some other attempts to pay-out early. :eek:
 

ParkHead

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May 27, 2002
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ouch!

That has to hurt the bank account. I never understood why they would concede a winning bet before the matches have been played. You never know what could happen. I think we will see some new policy changes now.


Parkhead
 

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