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Sportsbooks may change into big losers on a frenzy of betting over the name of the latest royal baby.
Bets at the royal baby name offered by sportsbooks akin to Betfair, Paddy Power, and Ladbrokes turned out to be very popular, with a delay in naming the newborn after he was born only fueling the betting frenzy.
The potentially bad news for the bookies is that George was the large favorite during a few of the betting, with most books offering 2-1 odds for the name George. Final tallies may never be known but $2.5 million and counting had already been accounted for at various sportsbooks, with some seeing the higest wagers ever for prop bets not tied to the result of a sporting event.
"It have been the most well liked market we now have ever offered, outside of sporting events," David Williams of Ladbrokes told CNBC. "The appetite was unprecedented."
Paddy Power reported greater than $700,000 wagered at the royal baby name while William Hill said it had collected greater than $500,000 in wagers. Most bets were for small amounts with a normal wager of around $10-$15.
All those small bets could prove costly, however, especially with George the clear favorite right after the birth when most of the wagers were placed. Only a few bettors gave the look to be tempted by 250-1 longshot names corresponding to Elvis or Psy, which might mean that bookmakers could have a large number of small bets to pay out at 2-1.
Bookmakers often balance their exposure to bets so it's impossible to truly know what their profit/loss can be at the wagers because it will vary from book to book. Many bookies also offered other bets corresponding to the sex of the child, with girl being the preferred wager so they'll recoup a few of their George losses there.
Alexandra was the odds-on favorite so far as girls names, with several sportsbooks also offering bets according to the date of birth. In case you missed out at the betting frenzy never fear; some books are already offering future bets at the first girlfriend of baby George in addition to other outrageous prop bets.
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