Bookies Pay Out Grand National MillionsJake Cooper | 13 Apr 2017
Bookmakers are gearing up towards paying out a whopping £5 million to bettors in Scotland after the Grand National horse racing event was won by One for Arthur.
The outsider in question was the second race victory to be claimed by a Scottish-trained racehorse, with the last such event happening almost 40 years ago in 1979.
The recent races held at Aintree race course have signalled what is certainly one of the most important weekends for online and local bookmakers so far in 2017. However, in this case, is seems as though the odds were not in the bookmakers’ favour for this year’s Randox Health Grand National racing event.
Bookmakers Suffered During Grand National
Industry professional Paul Petrie has commented to the BBC regarding the event, saying that it was a bad day for bookmakers throughout Scotland, but punters definitely fared well. The Scottish racing industry also benefited from the results, he commented.
Petrie went on to say that it has been a lengthy period of time since the event last announced a local Scottish winner. Although the results ‘cost betting sites a fortune’, the spokesman offered his warm congratulations to winning jockey Lucinda Russell and noted that his company could not be happier for her achievement.
Scottish bookmakers have been hoping that their profitable streak would continue after they enjoyed a year of success at the Cheltenham Festival in March.
William Hill Reports ‘Significant’ Losses In Scottish Industry
Major betting behemoth William Hill anticipated that a massive total of around £225 million would be wagered on the festival, which is considered to be the most prolific racing event of the year. The bookmaker expected some of the highest turnover levels of any racing weekend in their history, but unfortunately its predictions fell short.
William Hill brought in just £25 million in wagers on the race, although the bookie admitted that it would likely have to pay most of those funds out again as winnings.
BBC Scotland news also received comment from Rupert Adams, who told them that William Hill had expected the 2017 Grand National to be something of a ‘money spinner’ for themselves. He went on to say that his company will not know precisely how much they’ll be paying out until every punter has returned their slips and claimed their winnings – but it does seem at this point as though it has broken even.
Adams did also note that his company has lost significant revenues in Scotland. He highlighted the fact that his company likely won’t be able to make that money back, as bettors only bet once a year on the Grand National.