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

Discussion in 'Sportsbook Information' started by lotusch, Feb 9, 2016.

    Feb 9, 2016
  1. lotusch

    lotusch Megaways Slots, as useless as salt in your coffee CAG webby PABaccred mm2

    Marketing Assistant
    Dún Dealgan
    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 must register/login in order to see the link.

    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?
    3 people like this.
  2. Feb 9, 2016
  3. Patriot66

    Patriot66 Experienced Member MM

    United Kingdom
    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.

    William Hill wants to buy off a bet from a punter.: Betfair.JPG,Feb 9, 2016
    Last edited: Feb 9, 2016
    3 people like this.
  4. Feb 12, 2016
  5. trickster

    trickster Dormant account

    Moscow, Russia
    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!
  6. Feb 12, 2016
  7. ocportal

    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
  8. Feb 12, 2016
  9. interlog

    interlog Senior Member MM webmeister

    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.
  10. Feb 12, 2016
  11. chuchu59

    chuchu59 gambling addict CAG PABnonaccred

    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.
  12. Feb 12, 2016
  13. ocportal

    ocportal Dormant account

    i think so as well, but still if you can get £25k from a £5 bet, better than £3200 lol
  14. Feb 12, 2016
  15. hedgehok

    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.

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