Leading sports spread betting firm Sporting Index are one of just a few bookmakers who lost money taking bets on the Grand National a little over a week ago thanks to a 66 to 1 shot coming home first. It was certainly a bad day at the races for Sporting Index, who are reported to have lost £50,000 on the race. This isn’t the first time that Sporting Index have taken a hit on ‘National Day’. In 2009 Sporting Index were ‘taken to the cleaners’ when 100 to 1 shot when Mon Mome romped home first.
Because spread betting pays out based on the accuracy of a bet, as opposed to simply winning or losing, the fact that a 66 to 1 shot came home by a country mile spelled disaster for any bookie laying that spread bet, as the case was for Sporting Index when Auroras Encore cruised to victory at Aintree. Prior to the start of the race, bookies at Sporting Index had predicted the winner’s starting price would be between 18 and 20 to 1 but, at 66 to 1, they got it very wrong!
In stark contrast to the poor souls at Sporting Index, fixed odds on course bookies made an absolute killing. Auroras Encore romping home in the 2013 Grand National with such a lead will have made absolutely huge profits for many fixed odds bookies at Aintree but for every winner there’s a loser and this year it would appear to have been poor old Sporting Index. Better luck next year guys!