Premature payoff costs Irish bookie

Updated: August 17, 2009, 3:56 PM ET
Reuters

DUBLIN, Ireland -- Tiger Woods's failure to turn a commanding lead into a PGA Championship win on Sunday left Irish bookmaker Paddy Power about $2.12 million out of pocket.

Paddy Power, renowned for settling its bets early, paid off anyone who bet on Woods to win the PGA Championship title on Friday, when he led by four shots through 36 holes. The bets were paid at odds of 1-to-5.

However South Korean Y.E. Yang overhauled Woods on Sunday to win by three shots. Not that it mattered to Paddy Power, which had already paid off on Woods.

"It takes a special kind of dimwit to turn what should have been our best ever golf result into our worst," Paddy Power said in a statement.

"Paddy Power punters are obviously the big winners here and have made like bandits getting paid out on Tiger as a winner.

"Our only saving grace is that [Padraig] Harrington didn't do the business, thank God!" the statement added in reference to the popular Irish golfer. Harrington's quintuple-bogey 8 on the par-3 eighth hole.

Yang was available at odds of 150-to-1 at the start of the tournament and 16-to-1 before the final round.