A few stories where the...The Punters Lose:
Although you think it'll never happen to you - feel for these guys who have been at the wrong end of some volatile results:
Politics Spread Betting
1) Seats
One high-profile Conservative MP is rumoured to have backed his party to win the 1997 general election. The quote estimated a 40-50 seat victory to Labour, and in all previous elections, the predictions were within 10-20 seats. Poor chap not only lost the election but a small fortune when New Labour romped in with 170 seat majority.
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Cricket Spread Betting
2) Stroll on
West Indies were struggling at 20-odd for 2 from 15 overs, the outfield was slow and the bowlers had their tails up. Brian Lara strolled to the crease and I thought that his quote of 40-45 was far too high. I was personally one of the 4 people that sold his runs that day. I got out at around 120, but was lucky because he went on to score a record 375. I dread to think what happened to the other three.
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F1 Spread Betting
3) Monaco
F1 is typically dominated by the main drivers, Schumacer, Senna etc. Monaco is renowned for it's difficult overtaking, and it was hard to imagine how any of the lesser drivers would get anything out of the race.
Sporting Index were quoting a market on the 15 main drivers based on 50 points for winning, 25 for second and 10 for third, and also quoted the field, covering the remaining 7 drivers. Now it's hard to see any of them getting a point, let alone a podium finish, so one punter sold the field's performance at 2 for £250 per point. If, as he expected, the race was dominanted by Schmacher etc then he would walk off with £500.
This is certainly not what happened, and after a pile up, a downpour and some breakdowns, there were four finishers, lead home by 300/1 Olivier Panis, followed in third by 200/1 Johnny Herbert. Instead of winning 2x£250, the guy had lost 58x£250 - £14,500.
'Sports Spread Betting Losers', Guide by D. Jones, last update: 21-May-08
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