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Gymnast Sam Oldham’s grandmother loses her bet that he would win gold because Great Britain won as a team

Sam Oldham may have been a long shot to win a medal in London, but that didn’t stop him from accomplishing the feat. The 19-year-old and his fellow Team Great Britain gymnasts defied the odds and won the bronze in the men’s team event, marking the first time since 1912 that Great Britain medaled.

Oldham’s grandmother, Linda Aldred, was so confident in her grandson bringing home a medal that she bet the equivalent of about $8 on it with 200-to-1 odds before the Games began. After watching Oldham and Team GB win the bronze, she assumed she was not only the world’s proudest grandmother but also about $1,600 richer. According to The Telegraph, the bookie Aldred placed the bet with will not honor the wager because Oldham did not win a medal as an individual.

“I went back to the shop and I asked if my bet was finished and they said it was and the bet was void as Sam had won the medal as part of a team not as an individual,” Aldred explained. “I was stunned. I am really happy Sam won, it is more the principle than the money, but I could have used the winnings to pay for my ticket to see Sam at the 2016 Olympics in Rio.”

Aldred has taken her complaint to The Independent Betting Adjudication Service and the organization is looking into it. She said that her husband (Sam’s grandfather) was a betting man so she figured she would place the bet in his honor.

If the bet was for Oldham to win a medal and Aldred didn’t skip over any fine print, the bookie should honor it. If the action clearly stated that she was wagering on Oldham to win an individual medal at the London Olympics, there’s probably not much that can be done. Then again, if a bookie can refund bets like these just because the outcome was painful, maybe Aldred should get her $8 back.

Sports book refunding Adam Scott British Open bets because it was such a bad beat

Anyone who took the 40-to-1 odds on Adam Scott to win the British Open before last weekend must have been feeling great about their wager entering the final four holes of the tournament. Even if you put a measly 10 bucks down you probably would have already decided what you were going to do with your $400 when Scott had a four-shot lead over Ernie Els. As we know, Scott collapsed and Els came back to win. The good news for those who bet on Adam through SportsBettingOnline.ag is that the loss won’t cost them a thing.

As Geoff Shackelford pointed out, SportsBettingOnline announced Monday that they will be refunding any bets that were placed on Scott since he choked so badly.

“With so many of the favorites including (Tiger) Woods not cashing, it was a good day for sportsbooks,” head oddsmaker Dave Johnson said. “But that wasn’t the case for those who dropped money on Scott. We feel it’s our duty to refund the players for taking such a bad beat. His collapse was historic and we know the bettors who had him must feel as awful as he does.”

It’s still painful just to break even after thinking you had the bet wrapped up, but breaking even when you should have lost is a nice consolation prize. Heck, Scott even had his name stenciled on a medal for engraving. As Johnson mentioned, the sports books made plenty of money. Aside from this lucky gambler who made a fortune on him, not many bettors wagered on Els to win. Refunding people’s money is a smart PR move that gets people talking about the site.

H/T Eye on Golf
Photo credit: Kyle Terada-US PRESSWIRE

Bettor reportedly won over $32,000 on a $70 Ernie Els British Open bet

Adam Scott collapsed so badly at the British Open on Sunday that his name was already stenciled on a piece of championship hardware before the tournament ended. But it wasn’t all for none. When Scott birdied the 14th hole, the betting odds for him to win the tournament skyrocketed to -7000. That means he had a 98% of winning with four holes remaining and Ernie Els, who was in second place and trailed by four shots, had virtually no chance.

According to WagerMinds.com, at least one bettor wasn’t prepared to give up on Els at that point and decided to make a wager to prove it. Els was an incredible 469-to-1 underdog heading into the 15th hole, and the bettor placed $70 on Els to take home the trophy. As we know, Ernie erased the four-stroke lead and went on to win. His victory reportedly netted the gutsy gambler $32,830.

We’ve said it before and we’ll say it again — the fact that he won doesn’t make it a smart bet. Every year we see bettors who win incredible amounts of money on miraculous comebacks or long-shot horses, but wagers of this nature happen all the time and are usually guaranteed money for the house. Something tells me the person who won over $32,000 on Sunday doesn’t care if their bet was intelligent or not.

I’ll Have Another trainer Doug O’Neill won $20,000 from a $100 bet on his horse

When I’ll Have Another was retired the day before the Belmont Stakes earlier this month because of tendinitis, horse racing enthusiasts were extremely disappointed. After winning both the Kentucky Derby and Preakness (in a photo finish), I’ll Have Another had a shot at the coveted Triple Crown. While the horse’s trainer, Doug O’Neill, was likely devastated when he got the news that I’ll Have Another could no longer race, at least he had $20,000 to help ease the pain.

Back in February, one day before I’ll Have Another’s 2012 debut and three months before the Kentucky Derby, O’Neill wagered $100 on his own horse to win the race. Since I’ll Have Another was far from a household name at that time, the odds at Lucky’s Race and Sports Book in Nevada were 200-1. O’Neill thought he had a winner, so he went with his gut and wound up $20,000 richer because of it.

However, O’Neill is facing a fine of $15,000 in California for an elevated carbon dioxide violation — his third in the state — along with a 45-day suspension starting July 1. At least his gut instinct may have saved him from having to pay the fine out of pocket.

O’Neill cashed the ticket in person Monday at the Lucky’s betting parlor inside the Primm Valley Resort and Casino at the Nevada-California state line. O’Neill posed for pictures with surprised patrons and signed the winning ticket (pictured), which Lucky’s marketing director Dan Shaprio put out on Twitter.

NBA Finals betting odds suggest sports books think Heat is better than Thunder

As soon as the Heat defeated the Celtics in Game 7 of the Eastern Conference finals, many people wondered which team was going to be favored in the NBA Finals. Sports books quickly answered that question by installing the Thunder as the favorite.

But does that mean the oddsmakers believe the Thunder is the better team? Maybe not.

According to RJ Bell of Pregame.com, if oddsmakers believe two teams in a best of 7 playoff series are evenly matched, the odds would be -150 in favor of the team with home court advantage.

The Thunder opened as -135 favorites, meaning oddsmakers thought the Heat were slightly better. Bettors feel differently.

The public has been wagering on the Thunder, so the line has adjusted to -165 or -170 in many cases.

Now that we know what the oddsmakers and bettors think, it’s up to decide which side you knows more.

I think that the Thunder has the deeper and more complete team, but the Heat has the best players. If LeBron keeps playing like he did against the Pacers and Celtics, they’re going to win. Dwyane Wade and Chris Bosh can help with strong play, but if LeBron continues to play determined ball, the Heat will win. I think it will be a seven-game series.

Photo Credit: Mark D. Smith-US PRESSWIRE

One sports book refunded Manny Pacquiao bettors, others lost huge on fight (plus other funny betting business stories)

There was some funny betting going on for the Manny Pacquiao-Timothy Bradley fight on Saturday that won’t help decrease speculation that the fight was fixed.

RJ Bell of Pregame.com tells us that while most of the money came in on Pacquiao in the months leading up to the fight, big money came in on Bradley the day of the fight.

LBS insider Arsenious says the same thing, and tells us that the moneyline on Bradley plummeted from +475 to +300 in the final hour before the fight began. That means so much money came in on Bradley on Saturday, it lowered the payout odds on him to win the fight from 4.75:1 to 3:1.

Because of the big money that poured in on Bradley on Saturday, Las Vegas sports books lost big on the fight, per Bell. He tells us that one online sports book said it lost more on this fight than any other in its history.

We also have two other crazy betting stories from the fight.

[Read more...]

Peyton Manning’s over-under before being sidelined with injury is 8.5 games

The teams evaluating Peyton Manning during free agency weren’t the only people with questions about his durability — oddsmakers share the same concerns.

Peter Burns of AM 1510 in Denver points out that BetOnline.com listed the over-under for games Peyton Manning would play this season before being sidelined with an injury at 8.5.

Until last year, Manning had never missed an NFL game in his career. He also holds the second-longest consecutive starts streak in NFL history at 208. The 8.5 games number says an awful lot about how little faith there is from the sports book in Manning’s ability to stay healthy next season.

Likewise, BetOnline.com had a new prop bet concerning Peyton Manning up on their site a day later that also questioned his ability. They have his brother, Eli, favored to throw more touchdowns than him by 1.5.

Eli has never thrown more touchdown passes in a season than Peyton, though his career-high is 31, which is what Peyton averaged over his past five seasons.

Even though I think the Broncos’ signing of Manning was a worthwhile risk, I very much believe it is a risk. I don’t think Peyton will win another Super Bowl, and I don’t think he’ll be healthy enough to finish the season. We’ll see what happens.