Betting firm Paddy Power has admitted they were overconfident and wrong in predicting the outcome of the Greek vote on austerity measures to obtain a bailout for their economy.
Paddy Power thought the vote would be a resounding yes for austerity, but instead the Greeks voted no by a margin of 61% to 39%. The betting firm said the result cost them thousands of Euros in wagers, noting that the amount was well into five figures.
Writing to financial publication Bloomberg Paddy Power said, “Paddy Power is feeling a little red faced this morning after calling the Greek referendum wildly wrong … [We] got a little overexcited."
Paddy Power is hoping that they will make some of that money back by offering 5/4 odds on Greece leaving the Eurozone and taking up another currency.