Bookmaker Paddy Power is on the hook for paying out $1.3 million worth of bets after Manchester United recently rallied to beat Paris Saint-Germain on away goals in the Champions League.
Manchester United had trailed PSG 2-0 after losing the first leg in March at Old Trafford. Despite leading 2-1 away to PSG in the second leg, the tie was about to go PSG's way when the referee made a controversial handball call deep into injury time that granted Manchester United a penalty kick. Forward Marcus Rashford scored from the penalty spot, allowing the club to advance to the next leg of the Champions League on the away goals rule after the tie finished 3-3 on aggregate.
The result ended up costing Paddy Power a lot. The odds were against Manchester advancing to the next leg after struggling in the first leg, but punters backed the team, which is among the most popular in the world. This ended up coming to bite Paddy Power, as they were suddenly on the hook for $1.3 million in winning bets. Paddy Power's sportsbetting operations have struggled this year, as punters have been getting lucky and the book's haul hasn't been as lucrative as in years past.
Things aren't all doom and gloom for the group, though. Casino game sales were up 26% in the last reporting period thanks to strong demand in Europe as well as the United States. Needless to say, we think Paddy can stomach the impact of a last-second loss more than most gamblers.