A bettor is facing a massive $700,000 plus cash out dilemma after striking it rich with an incredible parlay bet.
With just one bet remaining in his parlay, he stands to rack up more than $713,000 from a stake of just $7 should it win. If it doesn’t, he’ll take away nothing. Nada.
To make the decision, harder UK sportsbook Betfair (from the same group as U.S. behemoth FanDuel) has upped the normal cash out for a bet of this size from $254,000 (£182,000) to $383,000 (£275,000).
$7 parlay pays off
UK bettor Paul Dean placed the bet in early 2020, picking five horses to win five major races during the next 12 months.
So far it is looking good. In fact, it’s looking incredible:
- Golden Horde (bet at +1200) won at Royal Ascot on June 19 last year
- Hello Youmzain (+1000) also won at Royal Ascot on June 20, 2020
- Fast forward nine months and Shishkin (+400) won at the Cheltenham Festival on Tuesday
- Then on Wednesday Bob Olinger (+2500) romped to victory, also at Cheltenham
Now Paul has just one bet remaining to complete the incredible parlay – the now hot favorite Envoi Allen (bet at +450) in Thursday’s Marsh Novices’ Chase – again at the marquee Cheltenham Festival.
But will he go for it all and play for nearly three-quarters of a million dollars? Or cash out for a mere $383,000?
He said: “I’ve had a good week so far. I put it on at the beginning of June and I didn’t realise Betfair had a max £250,000 payout, but Barry Orr said they’ll honour the full bet, which is really good of them as I was gutted at first.
“Initially, it was offering me a cash-out of £182,000 for that reason but they’ve offered me £275,000. I haven’t decided what to do yet.
Deal or no deal?
“The thing is, if I cash out I haven’t got Envoi to cheer on, whereas if I can get enough money together myself to lay part of it off so I’ve a good win anyway but I’ll win a lot more on Envoi, that’s what I’d ideally want as I want to be cheering him on.
On Thursday, whatever happens, the wait will be over (post time is 1320 UK time, 0820 ET). Paul will make his choice and live with the consequences.
Envoi Allen is trading at odds tighter than -200 now, a virtual certainty. But there is no such thing, right?
UPDATE: After thinking through his options, Paul decided to take a partial cash out on his bet, and it proved a very wise move as Envoi Allen was a shock faller.
So despite the defeat, our man still came out of his bet drawing almost $350,000 (£250,000). Pretty nice work for a $7 stake!