Iowa Bookie Could Lose Big If Biden Wins Election
There's a local bookmaker here in Eastern Iowa who's a little nervous about the upcoming Presidential Election.
I can't give you his real name, but for the sake of the story, let's call him Fred. I've always liked that name and there just aren't enough Fred's in the world.
Fred lives right here in the great state of Iowa and operates a small bookmaking operation. Most of his clients wager on sports and horses, but a few months ago he noticed some big bets coming in on the 2020 Presidential Election.
Fred told me, "We had a guy that put a couple decent size bets down on Joe Biden to win the whole thing. The bet was made about a year ago when Biden's odds were at plus 2500."
Plus 2500 means that the payoff is 25-1. So if you bet $100 on Biden, the player would receive $2500. A $50 bet would get you half of that, $1,250. Fred told me the guy made two bets, and they were both pretty big.
Fred said, "I don't normally follow politics, but this year I have a vested interest!" He sure does, it sounds like this could be a big hit to his business if Trump loses in November.
Fred wouldn't tell what the payoff amount would be, but he hinted that it was a pretty big number. I guess we will find out on Tuesday, November 3rd when the election results come in.
I asked Fred if he has to pay off the bet, will he take down these types of "props" from his web page. "Not a chance," he told me. "Most people lose, this is just a part of the business. It'll be a big payoff, but we'll get it back.....we always do."
And that, my friend, is why there are huge fountains and beautiful casinos in Las Vegas.
The house ALWAYS wins in the end.