Faith in Labour pays off for punters as bookies hand over €350,000
Published 29/10/2011 | 05:00
LEADING bookmakers Paddy Power last night paid out over €350,000 to punters who backed Michael D Higgins.
The payout was made after his main rival, Independent candidate Sean Gallagher admitted defeat and congratulated the winner on his website.
"It was a rollercoaster ride of an election for those punters who backed Higgins, but their patience and trust in him paid off in the end," spokeswoman Sharon McHugh said.
The biggest bet on Mr Higgins was €10,000 at odds of 1-4, netting a profit of €2,500.
Another shrewd punter placed a €6,500 bet immediately after the RTE 'Frontline' programme -- which scuppered the chances of Mr Gallagher -- at the more attractive odds of 11-10.
The topsy turvy pattern of the betting since the start of the year resulted in the bookies losing money -- this was irrespective of which of the two frontrunners succeeded.