British Bettor Wins Big on US Election Thanks to Donald Trump
Posted In: Sports Betting By: Jack Thompson
Donald Trump might be causing a stir across the pond, but his shock win in the US election has earned one British punter a seven-figure payday.
With record betting on this year’s US election, Vincent Tchenguiz decided to have more than a flutter on Mr. Trump. Sensing a power shift in the lead up to the final ballot, property tycoon Tchenguiz wagered £350,000 across a variety of betting exchanges.
Although he wouldn’t be drawn on his feelings on Trump or his election win, the billionaire did say that he wasn’t shocked by the result.
“I’m surprised by how everybody is stunned that [Trump] actually won. I didn’t think that it was so black and white. But people are so shocked – I should have got much better odds,” he told The Metro.
Big Action on US Election
After collecting his winnings from various betting sites, including Betfair, Tchenguiz banked an impressive £1.2 million for a profit of £850,000. Although that was one of the largest bets on Trump during the recent election, UK bookmakers have recorded record levels of activity this time around.
One of the largest bookies in Europe, Paddy Power, found itself on the wrong end of a £4 million payout once the votes were counted. After jumping the gun in October and releasing £800,000 in payments to those who supported Hillary Clinton (they assumed she was going to win), Paddy Power was forced to pay a further £4 million to those who backed Trump.
Although the bookmaker is more than equipped to take such a hit, the volume of bets coupled with the unexpected result certainly proved to be expensive for the UK’s leading betting operators.
Gambling Operators Must Do More
In other UK gambling news this week, the Gambling Commission has called on operators to do more for their customers. Outlining her requests a speech at the Raising Standards Conference in Birmingham, chief executive Sarah Harrison urged licence holders to put customers at the “heart of their business decisions.”
“You need to step up the pace of change. Don’t wait for a crisis to happen that shakes the very foundation of customers’ trust in your industry,” Harrison told operators.
As well as ensuring licence holders are held to account in terms of the UK’s gambling laws, the Gambling Commission is tasked with promoting the industry on an international level. Ensuring the highest levels and safety and service is its chief objective and Harrison is keen to see operators do more.
Indeed, while some of the UK’s online gambling laws have been criticised by operators (namely the level of taxation), the system is currently seen as one of the best in the world. However, Harrison wants to see this reputation enhanced by making sure operators’ policies benefit the customer as well as their bottom lines.