Bookie suspends betting after Melbourne Storm backed for wooden spoon

[SmothOperRaider]

Sportingbet & Centrebet refunded all Premiership bets on the Storm.

 

[Philzsay]

I reckon a $1.01 chance that those bets placed yesterday morning won't be payed out.

The lawyers will certainly find a cause - it is after all essentially insider trading for those who placed the bets yesterday.

 

[the good maggot]

TAB Sportsbet have confirmed they will be paying out.

 

[Pres]

I reckon a $1.01 chance that those bets placed yesterday morning won't be payed out.

And rightfully so. Anyone who takes the cash "earned" in that way is an ordinary type IMO. No better than stealing from a shop.

 

[Caviar]

And rightfully so. Anyone who takes the cash "earned" in that way is an ordinary type IMO. No better than stealing from a shop.

WTF? How bitter are you? Whats the difference in this and a person cleaning up on the stock market? There is nothing wrong with it and even sportingbet are saying good on them for getting the info and taking advantage of it. You would be an absolute fool not to take the oppurtunity if you learnt something could happen.

 

[Caviar]

I reckon a $1.01 chance that those bets placed yesterday morning won't be payed out.

The lawyers will certainly find a cause - it is after all essentially insider trading for those who placed the bets yesterday.

Well most betting agencies are going pay out and good on them for doing so as they shoukd have. There are so many bitter people on here it is ridiculous. Thats just gambling. they didnt know at the time melbourne wouldnt get any premiership points this year so good on them for taking advantage of it

 

[Ill Chicken]

From what I am aware, Sportsbet/IAS are the only one's not paying out.

Sportingbet are paying because they want the free advertising as their marketing bill these days is huge, so any time they can get their name in the spotlight with a positive spin, they'll do it.

Basically the option is there not to payout as per the NTRC and the respective commissions. I doubt Sportingbet would have lost much more than maybe 15 to 20k on the book. It'd be the TAB's feeling it.

They'll re-word the spoon market as "team finishing with the least amount wins" in future.

 

[SmothOperRaider]

WTF? How bitter are you? Whats the difference in this and a person cleaning up on the stock market? There is nothing wrong with it and even sportingbet are saying good on them for getting the info and taking advantage of it. You would be an absolute fool not to take the oppurtunity if you learnt something could happen.

Insider trading down?

 

[SmothOperRaider]

From what I am aware, Sportsbet/IAS are the only one's not paying out.

Sportingbet are paying because they want the free advertising as their marketing bill these days is huge, so any time they can get their name in the spotlight with a positive spin, they'll do it.

Basically the option is there not to payout as per the NTRC and the respective commissions. I doubt Sportingbet would have lost much more than maybe 15 to 20k on the book. It'd be the TAB's feeling it.

They'll re-word the spoon market as "team finishing with the least amount wins" in future.

Duncan McRae said they lost $40k on payouts, whereas I recall Munsie saying TAB lost somewhere in the vicinity of $650k.

 

[KENT2008]

why aren't sportsbet and ias paying out?
is that allowed?

 

[Ill Chicken]

Duncan McRae said they lost $40k on payouts, whereas I recall Munsie saying TAB lost somewhere in the vicinity of $650k.

From the way it reads, they took bets standing to lose 40k from the bets. That to me doesn't include what they've taken on other teams.

 

[Daytripper]

Duncan McRae said they lost $40k on payouts, whereas I recall Munsie saying TAB lost somewhere in the vicinity of $650k.

LOL - Divide that figure by 10 and that would be the true figure.

The amount of spin that comes out of the TAB Sports books is ridiculous. If you were a big punter why would you bet there ?

 

[Ill Chicken]

LOL - Divide that figure by 10 and that would be the true figure.

The amount of spin that comes out of the TAB Sports books is ridiculous. If you were a big punter why would you bet there ?

The amount of rorts going on with the TAB is ridiculous. Last week they had fixed odds on Melton trot race and the favourite was scratched and they didn't update the fixed market. The market was at 56% for a period.

They're usually the last to catch on.

 

[sethlad]

The amount of rorts going on with the TAB is ridiculous. Last week they had fixed odds on Melton trot race and the favourite was scratched and they didn't update the fixed market. The market was at 56% for a period.
They're usually the last to catch on.

You're saying this is a bad thing?
They were very lucky a $10 hope won & not the $2.5 chance they bet $7 about after the fave was a late scratching.
Its a miracle they still set fixed odds on harness racing,the number of times they get it completely wrong

seth

 

[Ill Chicken]

Hey it's not a bad thing at all for the Punter.

 

[dr nick]

Insider trading down?

The CEO of sportsbet or the TAB or whoever it was that got a few of these bets was on the radio saying there is no law against insider trading for betting. It is up to the bookie to be aware of the market, and also his responsibility to refuse bets if the risk is too high.

Also they are refunding all bets on premiership, minor premiership, top 4 and top 8 bets placed on the storm, as well as quinella bets and removing the legs from multi's.

Apparantly they are within their rights to keep the money wagered for premiership betting etc, but are doing it as part of a goodwill exercise. TBH at this early stage the volume of betting wouldn't be huge, and he was hopeful most returned money would be reinvested with them (he's probably right)

 

[dr nick]

Duncan McRae said they lost $40k on payouts, whereas I recall Munsie saying TAB lost somewhere in the vicinity of $650k.

haha yeah I heard him say this.

when he says 'lost 40k' I reckon he means refunding 40k that hasn't paid out. The actual amount they stand to lose is the slightly inflated odds they will pay out on whichever team wins the premiership because Melbourne's odds were factored in... but with a market of 116% with the storm in there, it probably becomes close to 100% taking out the storm so they are not really losing much if anything.