William Hill wants to buy off a bet from a punter.

lotusch

BTG, Be Terrified Guys
PABaccred
webby
CAG
mm3
Came across this article in a Dutch newspaper yesterday so it is in Dutch. ;)
Basicly William Hill offered a punter £3200 and buy off his bet he has on Leicester City to win the Premier League.
He put only £5.00 on the bet.

The guy declined the offer and if Leicester City indeed wins the PL he will scoop a nice £25.000.

According to Rupert Adams,a WH spokes person they have to pay just over £2.000.000 to punters if they win the PL.

Link to article:

You do not have permission to view link Log in or register now.



I wonder if this is ethically something a casino can or should do?
Trying to buy off bets?
Is this a common thing and is it actually legal?
 

Patriot66

Meister Minion
MM
English newspapers reported the same thing and it's quite misleading.

Most of the big UK bookies now offer a cash-out option on bets. Effectively what your bet is currently worth.

The cash out option is heavily advertised because it is such appalling value.

In this case, the punter stands to win £25k if Leicester win the title. The actual 'value' of that bet is currently £6686 (after Betfair commission) if he were to completely lay off the entire bet. (current Betfair prices below).

It shows you how bad the offer of £3200 is.

Betfair.JPG
 
Last edited:

trickster

Dormant account
I'm a huge fan of cash-out because I know how bad it feels losing bets and sometimes accas because of injury-time goals....I think it's morally OK that William Hill are offering the player a "cash-out" option. If I were him..I would've asked for 9-10K since you never know what can happen to LCFC and the PL in general, things can go down-hill quite fast!
 

ocportal

Dormant account
sounds like kind of "deal or no deal", i think its ok if they offer them to buy bets as you can decline the offer if you feel like your bet is gonna win :D
 

interlog

Meister Member
webmeister
MM
I would take the £3,200. Not a bad return on £5.

It is too early to call Leicester champions as yet and anything can happen between now and end of play.
 

chuchu59

gambling addict
PABnonaccred
CAG
Leicester are 5 points clear at the top. My favourite team Arsenal is 5 points behind have a tough run-in with games against Leicester, Man U, Man C and Spurs still to come. I wouldnt take the 3,200. 7,000 seems more appropriate.
 

ocportal

Dormant account
I would take the £3,200. Not a bad return on £5.

It is too early to call Leicester champions as yet and anything can happen between now and end of play.
i think so as well, but still if you can get £25k from a £5 bet, better than £3200 lol
 

hedgehok

Meister Member
mm3
£3,200 is a good return but still far from being fair. According to today's odds his betting slip is worth around £8,000.

WH seem to try to diversify the risk of Leicester winning the league and reduce their financial exposure in that case.

Sadly many punters are going to take the offer though because despite placing the bet in the first place showing affinity to risk they back off half way. Much better option is to just "cover" the slip by additionally betting on all serious contenders for the league (Arsenal, Man City and Tottenham) and make it a risk-free bet that way.
 
Top