Australian Bookmakers Suffer Huge Losses

Sportingbet Australia suffered a $1 million loss last weekend after 20 of 22 weekend football favourites won. Other big sportsbooks had similar losses while Sportsbet sustained an even bigger loss.

“It was a complete blackout, the worst weekend in sports betting I can remember,” Sportingbet’s Bill Richmond stated.

AFL punters grabbed the biggest winnings with all eight favourites winning, while rugby union and rugby league punters also cleaned up with six out of seven weekend favourites winning.

Couple of betting industry sources estimated Australia’s sports betting industry suffered at least a $10 million loss.

Paddy Power Buys Sportsbet

Paddy Power is buying Australian sportsbook Sportsbet Pty Ltd. Irish betting company will pay over $200 million during next three years.

Paddy Power, initially acquiring a 51 per cent stake in the bookmaker, will take over more than 260,000 Sportsbet’s registered members.