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Paddy Power Loses €1.5 Mil on Tiger Woods Losing Bets

Written by:
Jagajeet Chiba
Published on:
Aug/17/2009
Paddy Power

Sure he lost and everyone had money on Tiger Woods, but Ireland's biggest bookmaker was so certain that Woods would win they wagered the house on him doing so, literally.

Paddy Power, renowned for settling its bets early, paid out to all backers of Woods after just 36 holes when the world number one was four shots clear at odds of 1/5.

Ultimately it was Yang who pulled off the win with a payout of $25,000 for every $100 bet, though we should point out that very few people had bets on Yang and, those who did, probably weren't wagering much.  Some books had him as high as 150/1 odds early on.

"It takes a special kind of dimwit to turn what should have been our best ever golf result into our worst," Paddy Power said in a statement.

"Paddy Power punters are obviously the big winners here and have made like bandits getting paid out on Tiger as a winner.

"Our only saving grace is that (Padraig) Harrington didn't do the business, thank God!" the statement added in reference to the popular Irish golfer.

Paddy Power does not take bets from US citizens. 

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Jagajeet Chiba, Gambling911.com 

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