DraftKings Avoids Millions in Payouts
At the end of last week it seemed unlikely that the AT&T Pebble Beach Pro-Am would be able to finish on Sunday. The forecast all week long was calling for rain all day Sunday and sever winds as well. So when the Tour decided to call the tournament after just 54-holes, it wasn’t a surprise to those following the sport. That is clearly not the case with Draft Kings. It appears that DraftKings avoids paying out millions of dollars in payouts to winning betters.
Forward thinking bettors (not me) got ahead of the bad weather at the conclusion of Saturday’s 3rd round. Multiple bets were placed on everything from Wyndham Clark being the outright winner to top-10 and 20 place finishes. These are bets that are offered by the book, so they must be good, right? WRONG!. DraftKings (along with other books) simply voided the bets with no rhyme or reason. Actually its because they would have lost millions. DraftKings is trying to hide behind “house rules” saying that since a tee shot was not hit after the completion of the 54-holes, then the bets are voided. But those rules might have been changed after the start of the tournament. That is like a dealer saying they will stay on a 15 at the blackjack table because they already know the result.
DraftKings and other sports books need to be accountable for the bets that they make public. If John Doe places too many wagers and loses his entire life savings will the sports book give it back? Hell no! And what did DraftKings do with all the losing bets? They collected that money the same way Hard Rock Bets collected 5 of my 6 losing wagers for the AT&T Pebble Beach Pro-Am. You made the lines DraftKings. You should live with the ramifications. There is no accountability for DraftKings in a relatively new industry.