Australian Bookie Pays Out on Cox Plate Before it Even Happens
 

Do those who collect have to accept lower odds in return for the free money? In other words, if someone played the horse at 11-1, do they have to accept a payout of like 7-1 or something? Otherwise, this makes no sense.

I find this story absolutely amazing. So many things could happen. I guess they are looking at this as a $250,000 dollar advertisement to bet with them.

Um, read the article.

It appears that they are paying out at the wagered odds:

In August one punter had $7000 at $11 on So You Think, meaning he has collected $77,000 before even the barrier draw has taken place.

Unbeaten in three runs this campaign; So You Think is now into just $1.50 for the Cox Plate.

I did. It referenced one guy's bet. And it was the author of the article who stated that the guy gets to collect $77,000. Until I see a quote from a bettor or the website stating that they pay out on full odds, I'm calling BS.

They do this a lot over here! It's basically spending the money on an advert! They also assume most of the people who collect their cash will bet it back. They get paid at whatever the odds were when the bet was struck!!

Sounds like very clever advertising to me. Relatively speaking, $250K is nothing.

that is full odds!!! - NO BS

Those are the odds when he placed the bet. Some people, I'm sure, have different odds ( like any future bet ) and will get paid according to the odds they bet at.

I think it's pretty ingenious. Obviously these guys aren't stupid. . . they've done the math. It's good advertising and they also probably want to free up that $250,000 so it can be wagered again.

Interesting.

Really is genius. How many of those folks that got 11-1 are going to plow it all back on the can't miss at 1.5 to 1? And we know there are no can't misses.