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Bettors Take Advantage of Idol's Departure

16 Mar 2005

NEW YORK – (PRESS RELEASE) -- Money was lost by both bettors and bookmakers Monday when Mario Vazquez, the American Idol contestant from New York, suddenly pulled himself out of the competition. Sportsbook.com had Vazquez as one of the favorites to win with 4-1 odds.

Those that wagered on Vasquez to win the American Idol competition have now lost their wagers. There were, however, many bettors that took advantage of the annoucement.

Sportsbook.com was offering a proposition wager on whether Mario Vazquez would win American Idol. Bettors could wager either yes or no and as a result of the announcement, bettors began to heavily wager on no moments before Sportsbook.com changed its odds.

Odds makers have now reevaluated the contestants and released new odds.

Vazquez was replaced with Nikko Smith, who has come back into the competition at 25-1 - somewhere in the middle of the pack.

 
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